1- Suppose you are a financial analyst and use three methods for forecasting of time series variables including future value formula, Autoregressive model moving average (ARMA) model, and geometric or logarithmic processes. Consider the following cases and suggest which of the three methods is more suitable for each of the cases and WHY? Give logical explanation, even if none of the three cases is applicable. (a) Forecasting of population of a country. You know two census values of the population and want to predict population for next 10 years. (b) Forecasting of hourly returns on less-liquid asset having negligible lagged correlation. (c) Forecasting of monthly returns in stock market index, which shows low but statistically significant correlation with its previous values till 5th lag (d) Forecasting of the price of real estate in Karachi City. Despite the historical financial and economic crises which affected the real estate prices, it has managed to grow upward on average.