Question: The data shows the average monthly exchange rate between the US dollar and the euro for a certain year. It shows that 1 euro was

The data shows the average monthly exchange rate between the US dollar and the euro for a certain year. It shows that 1 euro was equivalent to 1.289 US dollars for January 2016.
Month Exchange Rate Month Exchange Rate
January 1.289 July 1.230
February 1.324 August 1.240
March 1.321 September 1.287
April 2.317 October 1.298
May 1.280 November 1.283
June 1.254 December 1.311
Answer the following. Present the tables with the corresponding computed values.
1. Use the nave forecasting technique to obtain the forecasted value for January 2017.
2. Use the 3-month moving average technique to find the forecasted value for January 2017.
3. Forecast the exchange rate for January 2017 using the weighted 3-month moving average, using the weights 0.50,0.30, and 0.20.
4. Using the MSE, determine which of the 3 methods provided the most accurate forecast.

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