The following table shows the ratio-to-moving average for each quarter from 2016 to 2019.

Year March quarter June quarter September quarter December quarter

2016 1.0024 0.9629

2017 1.0251 1.0112 0.9999 0.9659

2018 1.0261 1.0120 0.9976 0.9630

2019 1.0293 1.0146 0.9999 0.9669

Required:

(1) Calculate the initial estimate of the seasonal indices.

(2) Calculate the normalized estimate of the seasonal indices.

(3) Interpret the seasonal indices.