The U.S. Federal Reserve responded to the 2020 COVID-19 lockdowns by implementing an expansionary monetary policy, causing M2 money supply to rise from $15.3trillion in December 2019 to $18.3 trillion in July 2020. Over the same period, real GDP fell by 5.1 percent.

a) Assuming that the velocity of money was constant over this period, what should the inflation rate be, based on the quantity equation? Show your work