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Suppose that the income elasticity of money demand is 0.62. Nominal interest rates do not change over time. If money supply increases by 20% every

Suppose that the income elasticity of money demand is 0.62. Nominal interest rates do not change over time. If money supply increases by 20% every year, while real income only increases by 2%, what is the inflation rate? (Submit your answer with up to two decimals and in percent terms, i.e., 10.22 for 10.22% and 11.44 for 11.442%.)

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