4. Velocity and the quantity equation Consider a simple economy that produces only jean jackets. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2020, the money supply was $400, the price of a jean jacket was $12.50, and the economy produced 800 jean jackets. Fill in the missing values in the following table, selecting the answers closest to the values you calculate. Year Quantity of Money Velocity of Money Price Level Quantity of Output Nominal GDP (Dollars) (Dollars) (Jean jackets) (Dollars) 2020 400 12.50 800 2021 408 25 800 The money supply grew at a rate of from 2020 to 2021. Since jean jacket output did not change from 2020 to 2021 and the velocity of money , the change in the money supply was reflected in changes in the price level. The inflation rate from 2020 to 2021 was