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Foreign exchange rates, which are the values of foreign currency in U.S. dollars, are important to investors and international travellers. The table below lists the
Foreign exchange rates, which are the values of foreign currency in U.S. dollars, are important to investors and international travellers. The table below lists the monthly foreign exchange rates of the British pound (in U.S. dollars per pound) for a certain year.
Month
Exchange rate
January
1.13
February
1.10
March
1.13
April
1.23
May
1.25
June
1.28
July
1.38
August
1.39
September
1.36
October
1.42
November
1.44
December
1.44
Required:
Calculate the value of the exponentially smoothed series for April using a smoothing constant of w =0.7
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