Consulting income at Kate Walsh Associates for the period February-July has been as follows:
MONTH INCOME ($1,000S)
February ...........................70.0
March ..............................68.5
April ................................64.8
May .................................71.7
June .................................71.3
July .................................72.8
Use exponential smoothing to forecast August's income. Assume that the initial forecast for February is $65,000. The smoothing constant selected is