Suppose that the real money demand function $is$:

$L(Y,r+{}^e)=\frac{Y}{1+r+{}^e}$

where $Yis$ real output, $ris$ the real interest rate, and ${}^{e}is$ the expected rate $of$ inflation. Real output $is$ constant over time $atY=250.$ The real interest rate $is$ fixed $in$ the goods market $at5\%(0\mathrm{.}05)$ per year and that this growth rate $is$ expected $to$ persist forever. Currently, the nominal money supply $isM=200.$

What $is$ the value $of$ the current price level $in$ a rational expectations equilibrium? $(enter$ your response rounded $to$ two decimal places. $If$ the value from a previous step $is$ needed, approximate $itto$ two

decimal points. For example, $if$ a number used $asan$ input $to$ answer this question $is3\mathrm{.}6729,$ enter $itas3\mathrm{.}67).$