The following data (stored in Silver) represent the price in London for an ounce of silver (in U.S. $) on the last day of the year from 1999 to 2009:
Year Price ($)
1999..........................5.330
2000..........................4.570
2001..........................4.520
2002..........................4.670
2003..........................5.965
2004..........................6.815
2005..........................8.830
2006........................12.900
2007........................14.760
2008........................10.790
2009........................16.990
a. Plot the data.
b. Compute a linear trend forecasting equation and plot the trend line.
c. Compute a quadratic trend forecasting equation and plot the results.
d. Compute an exponential trend forecasting equation and plot the results.
e. Which model is the most appropriate?
f. Using the most appropriate model, forecast the price of silver at the end of 2010.