Income at the law firm of Smith and Wesson for the period February to July was as follows:
Month FEB MAR APR MAY JUNE JUL
Income 70.0 68.5 64.8 71.7 71.3 72.8
(In $ thousand)
Use trend-adjusted exponential smoothing to forecast the law firm's August income. Assume that the initial forecast for February is $65,000 and the initial trend adjustment is 0.The smoothing constants selected are α = 0.1 and β =0.2