You are using exponential smoothing on an annual time series concerning total revenues (in millions of dollars). You decide to use a smoothing coefficient of W = 0.20, and the exponentially smoothed value for 2010 is E2010 = (0.20) (12.1) + (0.80) (9.4).
a. What is the smoothed value of this series in 2010?
b. What is the smoothed value of this series in 2011 if the value of the series in that year is $11.5 million?