[See Solution] The following time series data represent the yearly amounts spent on advertising (in millions of dollars) by a large toy company: 30.8, 39.3, 34.4,
Question: The following time series data represent the yearly amounts spent on advertising (in millions of dollars) by a large toy company:
| 30.8, | 39.3, | 34.4, | 38.0, | 33.5, | 42.9, | 40.1, | 36.2, | 44.9 |
This series of data begins in year 1994 (i.e., time period t = 1 corresponds to 1994). Using regression analysis, a linear trend line of the form \(T_{t}=32.52+1.05 t\) was fit to the data. Using this information, generate a forecast for the total yearly amount of money that will be spent on advertising in 2010.
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