An article in Real Estate Finance displays the following data for Brazil€™s short-term interest rates (in percent).

Develop a good forecasting model, and use it to forecast Brazil€™s short-term rate for
July 2007.

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43% 31 1996 1996 1997 1997 1998 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 January July January July January July January July January 20 21 26 21 17 15 15 ul January January July January July January July January July January July January 17 18 20 15 17 17 15 14