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The executive vice-president of a drug manufacturing firm believes that the demand for the firm's most popular drug has been evidencing an exponential trend since

The executive vice-president of a drug manufacturing firm believes that the demand for the firm's most popular drug has been evidencing an exponential trend since 2002. He uses Microsoft Excel to obtain the output below. The dependent variable is the log base 10 of the demand for the drug, while the independent variable is years, where 2002 is coded as 1, 2003 is coded as 2, etc.

Model is given by: Log10 (Demandt) =0 +1 (periodt) + et

SUMMARY OUTPUT

Regression Statistics

Multiple R

0.937

R Square

0.877

Adjusted R Square

0.869

Standard Error

0.129

Observations

17

ANOVA

df

SS

MS

F

Regression

1

1.799

1.799

107.369

Residual

15

0.251

0.017

Total

16

2.051

Coefficients

Standard Error

t Stat

P-value

Intercept

4.0666

0.0659

61.7028

0.0000

Period

0.0672

0.0065

10.3619

0.0000

Calculate the forecast for demand in 2020. Answer to 4 decimal places.

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