Question: Choose an appropriate forecasting technique for the data in the Excel files, choose from the provided list, Prime Rate(Excel 9.21) and find the best forecasting
Choose an appropriate forecasting technique for the data in the Excel files, choose from the provided list, Prime Rate(Excel 9.21) and find the best forecasting model. Explain how you would use the model to forecast and how far into the future it would be appropriate to forecast.
Please provide step by step direction as to running the model in Excel.
| Bank Prime Loan Rate | |
| Month | Percent |
| Jan-1971 | 6.29 |
| Feb-1971 | 5.88 |
| Mar-1971 | 5.44 |
| Apr-1971 | 5.28 |
| May-1971 | 5.46 |
| Jun-1971 | 5.50 |
| Jul-1971 | 5.91 |
| Aug-1971 | 6.00 |
| Sep-1971 | 6.00 |
| Oct-1971 | 5.90 |
| Nov-1971 | 5.53 |
| Dec-1971 | 5.49 |
| Jan-1972 | 5.18 |
| Feb-1972 | 4.75 |
| Mar-1972 | 4.75 |
| Apr-1972 | 4.97 |
| May-1972 | 5.00 |
| Jun-1972 | 5.04 |
| Jul-1972 | 5.25 |
| Aug-1972 | 5.27 |
| Sep-1972 | 5.50 |
| Oct-1972 | 5.73 |
| Nov-1972 | 5.75 |
| Dec-1972 | 5.79 |
| Jan-1973 | 6.00 |
| Feb-1973 | 6.02 |
| Mar-1973 | 6.30 |
| Apr-1973 | 6.61 |
| May-1973 | 7.01 |
| Jun-1973 | 7.49 |
| Jul-1973 | 8.30 |
| Aug-1973 | 9.23 |
| Sep-1973 | 9.86 |
| Oct-1973 | 9.94 |
| Nov-1973 | 9.75 |
| Dec-1973 | 9.75 |
| Jan-1974 | 9.73 |
| Feb-1974 | 9.21 |
| Mar-1974 | 8.85 |
| Apr-1974 | 10.02 |
| May-1974 | 11.25 |
| Jun-1974 | 11.54 |
| Jul-1974 | 11.97 |
| Aug-1974 | 12.00 |
| Sep-1974 | 12.00 |
| Oct-1974 | 11.68 |
| Nov-1974 | 10.83 |
| Dec-1974 | 10.50 |
| Jan-1975 | 10.05 |
| Feb-1975 | 8.96 |
| Mar-1975 | 7.93 |
| Apr-1975 | 7.50 |
| May-1975 | 7.40 |
| Jun-1975 | 7.07 |
| Jul-1975 | 7.15 |
| Aug-1975 | 7.66 |
| Sep-1975 | 7.88 |
| Oct-1975 | 7.96 |
| Nov-1975 | 7.53 |
| Dec-1975 | 7.26 |
| Jan-1976 | 7.00 |
| Feb-1976 | 6.75 |
| Mar-1976 | 6.75 |
| Apr-1976 | 6.75 |
| May-1976 | 6.75 |
| Jun-1976 | 7.20 |
| Jul-1976 | 7.25 |
| Aug-1976 | 7.01 |
| Sep-1976 | 7.00 |
| Oct-1976 | 6.77 |
| Nov-1976 | 6.50 |
| Dec-1976 | 6.35 |
| Jan-1977 | 6.25 |
| Feb-1977 | 6.25 |
| Mar-1977 | 6.25 |
| Apr-1977 | 6.25 |
| May-1977 | 6.41 |
| Jun-1977 | 6.75 |
| Jul-1977 | 6.75 |
| Aug-1977 | 6.83 |
| Sep-1977 | 7.13 |
| Oct-1977 | 7.52 |
| Nov-1977 | 7.75 |
| Dec-1977 | 7.75 |
| Jan-1978 | 7.93 |
| Feb-1978 | 8.00 |
| Mar-1978 | 8.00 |
| Apr-1978 | 8.00 |
| May-1978 | 8.27 |
| Jun-1978 | 8.63 |
| Jul-1978 | 9.00 |
| Aug-1978 | 9.01 |
| Sep-1978 | 9.41 |
| Oct-1978 | 9.94 |
| Nov-1978 | 10.94 |
| Dec-1978 | 11.55 |
| Jan-1979 | 11.75 |
| Feb-1979 | 11.75 |
| Mar-1979 | 11.75 |
| Apr-1979 | 11.75 |
| May-1979 | 11.75 |
| Jun-1979 | 11.65 |
| Jul-1979 | 11.54 |
| Aug-1979 | 11.91 |
| Sep-1979 | 12.90 |
| Oct-1979 | 14.39 |
| Nov-1979 | 15.55 |
| Dec-1979 | 15.30 |
| Jan-1980 | 15.25 |
| Feb-1980 | 15.63 |
| Mar-1980 | 18.31 |
| Apr-1980 | 19.77 |
| May-1980 | 16.57 |
| Jun-1980 | 12.63 |
| Jul-1980 | 11.48 |
| Aug-1980 | 11.12 |
| Sep-1980 | 12.23 |
| Oct-1980 | 13.79 |
| Nov-1980 | 16.06 |
| Dec-1980 | 20.35 |
| Jan-1981 | 20.16 |
| Feb-1981 | 19.43 |
| Mar-1981 | 18.05 |
| Apr-1981 | 17.15 |
| May-1981 | 19.61 |
| Jun-1981 | 20.03 |
| Jul-1981 | 20.39 |
| Aug-1981 | 20.50 |
| Sep-1981 | 20.08 |
| Oct-1981 | 18.45 |
| Nov-1981 | 16.84 |
| Dec-1981 | 15.75 |
| Jan-1982 | 15.75 |
| Feb-1982 | 16.56 |
| Mar-1982 | 16.50 |
| Apr-1982 | 16.50 |
| May-1982 | 16.50 |
| Jun-1982 | 16.50 |
| Jul-1982 | 16.26 |
| Aug-1982 | 14.39 |
| Sep-1982 | 13.50 |
| Oct-1982 | 12.52 |
| Nov-1982 | 11.85 |
| Dec-1982 | 11.50 |
| Jan-1983 | 11.16 |
| Feb-1983 | 10.98 |
| Mar-1983 | 10.50 |
| Apr-1983 | 10.50 |
| May-1983 | 10.50 |
| Jun-1983 | 10.50 |
| Jul-1983 | 10.50 |
| Aug-1983 | 10.89 |
| Sep-1983 | 11.00 |
| Oct-1983 | 11.00 |
| Nov-1983 | 11.00 |
| Dec-1983 | 11.00 |
| Jan-1984 | 11.00 |
| Feb-1984 | 11.00 |
| Mar-1984 | 11.21 |
| Apr-1984 | 11.93 |
| May-1984 | 12.39 |
| Jun-1984 | 12.60 |
| Jul-1984 | 13.00 |
| Aug-1984 | 13.00 |
| Sep-1984 | 12.97 |
| Oct-1984 | 12.58 |
| Nov-1984 | 11.77 |
| Dec-1984 | 11.06 |
| Jan-1985 | 10.61 |
| Feb-1985 | 10.50 |
| Mar-1985 | 10.50 |
| Apr-1985 | 10.50 |
| May-1985 | 10.31 |
| Jun-1985 | 9.78 |
| Jul-1985 | 9.50 |
| Aug-1985 | 9.50 |
| Sep-1985 | 9.50 |
| Oct-1985 | 9.50 |
| Nov-1985 | 9.50 |
| Dec-1985 | 9.50 |
| Jan-1986 | 9.50 |
| Feb-1986 | 9.50 |
| Mar-1986 | 9.10 |
| Apr-1986 | 8.83 |
| May-1986 | 8.50 |
| Jun-1986 | 8.50 |
| Jul-1986 | 8.16 |
| Aug-1986 | 7.90 |
| Sep-1986 | 7.50 |
| Oct-1986 | 7.50 |
| Nov-1986 | 7.50 |
| Dec-1986 | 7.50 |
| Jan-1987 | 7.50 |
| Feb-1987 | 7.50 |
| Mar-1987 | 7.50 |
| Apr-1987 | 7.75 |
| May-1987 | 8.14 |
| Jun-1987 | 8.25 |
| Jul-1987 | 8.25 |
| Aug-1987 | 8.25 |
| Sep-1987 | 8.70 |
| Oct-1987 | 9.07 |
| Nov-1987 | 8.78 |
| Dec-1987 | 8.75 |
| Jan-1988 | 8.75 |
| Feb-1988 | 8.51 |
| Mar-1988 | 8.50 |
| Apr-1988 | 8.50 |
| May-1988 | 8.84 |
| Jun-1988 | 9.00 |
| Jul-1988 | 9.29 |
| Aug-1988 | 9.84 |
| Sep-1988 | 10.00 |
| Oct-1988 | 10.00 |
| Nov-1988 | 10.05 |
| Dec-1988 | 10.50 |
| Jan-1989 | 10.50 |
| Feb-1989 | 10.93 |
| Mar-1989 | 11.50 |
| Apr-1989 | 11.50 |
| May-1989 | 11.50 |
| Jun-1989 | 11.07 |
| Jul-1989 | 10.98 |
| Aug-1989 | 10.50 |
| Sep-1989 | 10.50 |
| Oct-1989 | 10.50 |
| Nov-1989 | 10.50 |
| Dec-1989 | 10.50 |
| Jan-1990 | 10.11 |
| Feb-1990 | 10.00 |
| Mar-1990 | 10.00 |
| Apr-1990 | 10.00 |
| May-1990 | 10.00 |
| Jun-1990 | 10.00 |
| Jul-1990 | 10.00 |
| Aug-1990 | 10.00 |
| Sep-1990 | 10.00 |
| Oct-1990 | 10.00 |
| Nov-1990 | 10.00 |
| Dec-1990 | 10.00 |
| Jan-1991 | 9.52 |
| Feb-1991 | 9.05 |
| Mar-1991 | 9.00 |
| Apr-1991 | 9.00 |
| May-1991 | 8.50 |
| Jun-1991 | 8.50 |
| Jul-1991 | 8.50 |
| Aug-1991 | 8.50 |
| Sep-1991 | 8.20 |
| Oct-1991 | 8.00 |
| Nov-1991 | 7.58 |
| Dec-1991 | 7.21 |
| Jan-1992 | 6.50 |
| Feb-1992 | 6.50 |
| Mar-1992 | 6.50 |
| Apr-1992 | 6.50 |
| May-1992 | 6.50 |
| Jun-1992 | 6.50 |
| Jul-1992 | 6.02 |
| Aug-1992 | 6.00 |
| Sep-1992 | 6.00 |
| Oct-1992 | 6.00 |
| Nov-1992 | 6.00 |
| Dec-1992 | 6.00 |
| Jan-1993 | 6.00 |
| Feb-1993 | 6.00 |
| Mar-1993 | 6.00 |
| Apr-1993 | 6.00 |
| May-1993 | 6.00 |
| Jun-1993 | 6.00 |
| Jul-1993 | 6.00 |
| Aug-1993 | 6.00 |
| Sep-1993 | 6.00 |
| Oct-1993 | 6.00 |
| Nov-1993 | 6.00 |
| Dec-1993 | 6.00 |
| Jan-1994 | 6.00 |
| Feb-1994 | 6.00 |
| Mar-1994 | 6.06 |
| Apr-1994 | 6.45 |
| May-1994 | 6.99 |
| Jun-1994 | 7.25 |
| Jul-1994 | 7.25 |
| Aug-1994 | 7.51 |
| Sep-1994 | 7.75 |
| Oct-1994 | 7.75 |
| Nov-1994 | 8.15 |
| Dec-1994 | 8.50 |
| Jan-1995 | 8.50 |
| Feb-1995 | 9.00 |
| Mar-1995 | 9.00 |
| Apr-1995 | 9.00 |
| May-1995 | 9.00 |
| Jun-1995 | 9.00 |
| Jul-1995 | 8.80 |
| Aug-1995 | 8.75 |
| Sep-1995 | 8.75 |
| Oct-1995 | 8.75 |
| Nov-1995 | 8.75 |
| Dec-1995 | 8.65 |
| Jan-1996 | 8.50 |
| Feb-1996 | 8.25 |
| Mar-1996 | 8.25 |
| Apr-1996 | 8.25 |
| May-1996 | 8.25 |
| Jun-1996 | 8.25 |
| Jul-1996 | 8.25 |
| Aug-1996 | 8.25 |
| Sep-1996 | 8.25 |
| Oct-1996 | 8.25 |
| Nov-1996 | 8.25 |
| Dec-1996 | 8.25 |
| Jan-1997 | 8.25 |
| Feb-1997 | 8.25 |
| Mar-1997 | 8.30 |
| Apr-1997 | 8.50 |
| May-1997 | 8.50 |
| Jun-1997 | 8.50 |
| Jul-1997 | 8.50 |
| Aug-1997 | 8.50 |
| Sep-1997 | 8.50 |
| Oct-1997 | 8.50 |
| Nov-1997 | 8.50 |
| Dec-1997 | 8.50 |
| Jan-1998 | 8.50 |
| Feb-1998 | 8.50 |
| Mar-1998 | 8.50 |
| Apr-1998 | 8.50 |
| May-1998 | 8.50 |
| Jun-1998 | 8.50 |
| Jul-1998 | 8.50 |
| Aug-1998 | 8.50 |
| Sep-1998 | 8.49 |
| Oct-1998 | 8.12 |
| Nov-1998 | 7.89 |
| Dec-1998 | 7.75 |
| Jan-1999 | 7.75 |
| Feb-1999 | 7.75 |
| Mar-1999 | 7.75 |
| Apr-1999 | 7.75 |
| May-1999 | 7.75 |
| Jun-1999 | 7.75 |
| Jul-1999 | 8.00 |
| Aug-1999 | 8.06 |
| Sep-1999 | 8.25 |
| Oct-1999 | 8.25 |
| Nov-1999 | 8.37 |
| Dec-1999 | 8.50 |
| Jan-2000 | 8.50 |
| Feb-2000 | 8.73 |
| Mar-2000 | 8.83 |
| Apr-2000 | 9.00 |
| May-2000 | 9.24 |
| Jun-2000 | 9.50 |
| Jul-2000 | 9.50 |
| Aug-2000 | 9.50 |
| Sep-2000 | 9.50 |
| Oct-2000 | 9.50 |
| Nov-2000 | 9.50 |
| Dec-2000 | 9.50 |
| Jan-2001 | 9.05 |
| Feb-2001 | 8.50 |
| Mar-2001 | 8.32 |
| Apr-2001 | 7.80 |
| May-2001 | 7.24 |
| Jun-2001 | 6.98 |
| Jul-2001 | 6.75 |
| Aug-2001 | 6.67 |
| Sep-2001 | 6.28 |
| Oct-2001 | 5.53 |
| Nov-2001 | 5.10 |
| Dec-2001 | 4.84 |
| Jan-2002 | 4.75 |
| Feb-2002 | 4.75 |
| Mar-2002 | 4.75 |
| Apr-2002 | 4.75 |
| May-2002 | 4.75 |
| Jun-2002 | 4.75 |
| Jul-2002 | 4.75 |
| Aug-2002 | 4.75 |
| Sep-2002 | 4.75 |
| Oct-2002 | 4.75 |
| Nov-2002 | 4.35 |
| Dec-2002 | 4.25 |
| Jan-2003 | 4.25 |
| Feb-2003 | 4.25 |
| Mar-2003 | 4.25 |
| Apr-2003 | 4.25 |
| May-2003 | 4.25 |
| Jun-2003 | 4.22 |
| Jul-2003 | 4.00 |
| Aug-2003 | 4.00 |
| Sep-2003 | 4.00 |
| Oct-2003 | 4.00 |
| Nov-2003 | 4.00 |
| Dec-2003 | 4.00 |
| Jan-2004 | 4.00 |
| Feb-2004 | 4.00 |
| Mar-2004 | 4.00 |
| Apr-2004 | 4.00 |
| May-2004 | 4.00 |
| Jun-2004 | 4.01 |
| Jul-2004 | 4.25 |
| Aug-2004 | 4.43 |
| Sep-2004 | 4.58 |
| Oct-2004 | 4.75 |
| Nov-2004 | 4.93 |
| Dec-2004 | 5.14 |
| Jan-2005 | 5.25 |
| Feb-2005 | 5.49 |
| Mar-2005 | 5.58 |
| Apr-2005 | 5.75 |
| May-2005 | 5.98 |
| Jun-2005 | 6.01 |
| Jul-2005 | 6.25 |
| Aug-2005 | 6.44 |
| Sep-2005 | 6.59 |
| Oct-2005 | 6.75 |
| Nov-2005 | 7.00 |
| Dec-2005 | 7.15 |
| Jan-2006 | 7.26 |
| Feb-2006 | 7.50 |
| Mar-2006 | 7.53 |
| Apr-2006 | 7.75 |
| May-2006 | 7.93 |
| Jun-2006 | 8.02 |
| Jul-2006 | 8.25 |
| Aug-2006 | 8.25 |
| Sep-2006 | 8.25 |
| Oct-2006 | 8.25 |
| Nov-2006 | 8.25 |
| Dec-2006 | 8.25 |
| Jan-2007 | 8.25 |
| Feb-2007 | 8.25 |
| Mar-2007 | 8.25 |
| Apr-2007 | 8.25 |
| May-2007 | 8.25 |
| Jun-2007 | 8.25 |
| Jul-2007 | 8.25 |
| Aug-2007 | 8.25 |
| Sep-2007 | 8.03 |
| Oct-2007 | 7.74 |
| Nov-2007 | 7.50 |
| Dec-2007 | 7.33 |
| Jan-2008 | 6.98 |
| Feb-2008 | 6.00 |
| Mar-2008 | 5.66 |
| Apr-2008 | 5.24 |
| May-2008 | 5.00 |
| Jun-2008 | 5.00 |
| Jul-2008 | 5.00 |
| Aug-2008 | 5.00 |
| Sep-2008 | 5.00 |
| Oct-2008 | 4.56 |
| Nov-2008 | 4.00 |
| Dec-2008 | 3.61 |
| Jan-2009 | 3.25 |
| Feb-2009 | 3.25 |
| Mar-2009 | 3.25 |
| Apr-2009 | 3.25 |
| May-2009 | 3.25 |
| Jun-2009 | 3.25 |
| Jul-2009 | 3.25 |
| Aug-2009 | 3.25 |
| Sep-2009 | 3.25 |
| Oct-2009 | 3.25 |
| Nov-2009 | 3.25 |
| Dec-2009 | 3.25 |
| Jan-2010 | 3.25 |
| Feb-2010 | 3.25 |
| Mar-2010 | 3.25 |
| Apr-2010 | 3.25 |
| May-2010 | 3.25 |
| Jun-2010 | 3.25 |
| Jul-2010 | 3.25 |
| Aug-2010 | 3.25 |
| Sep-2010 | 3.25 |
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
