Discussion 5: Money Supply and the price level (where the price level refers to the prices of product in general and not the price of a specic item) 1. Average and median household checking account balances more than doubled from 1989 to 2019. 2. $100 in 1989 is equivalent in purchasing power to about $217.09 today, or it takes $217.09 in 2019 to buy the same number of products that $100 did in 1989. Or an average ination rate of 2.45% per year between 1989 and today, producing a cumulative price increase of 117.09% 3.What do think is the reason average and median checking account balances more than doubled from 198910 2019. This also means total checking account balances must have more than doubled " Do you think the more than doubling of checking account balances and approximate doubling of prices are related