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    Apply exponential smoothing for the time series

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    I need assistance with assignment. Please provide explanations for solving it.

    Use exponential smoothing to forecast Augusts' income. Assume that the initial forecast for February is $65,000. The smoothing constant selected is a = 0.1.

    Month Income ($1000s)
    February 70.0
    March 68.5
    April 64.8
    May 71.7
    June 71.3
    July 72.8

    Thank you.

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    Solution Summary

    The solution provides detailed explanation how to apply exponential smoothing for the time series.