Assume thefollowing:

i. The public holds no currency.

ii. The ratio of reserves to deposits () is 0.08.

iii. The demand for money is given by Md=$Y(0.842.7i).

If the monetary base is $77 billion and nominal income is $4.8 trillion, the equilibrium interest rate will be

23.70. ( this correct already)

Now suppose the monetary base(central bankmoney) increases to $153 billion.

As aresult, the equilibrium interest rate becomes ___________ (Round your response to two decimal places.)