From the case study, VW Beetle sales have been recorded for the past 9 years. To project future demand, VW management would like to determine the mathematical trend of guest registration. This estimate will help the management to determine whether future expansion will be needed in its manufacturing. Given the following timeseries data, develop a regression equation relating registrations to time e.g. a trend equation. Then forecast year 11 registrations. Values are in the thousands:
Year 1: 17 Year 2: 16 Year 3: 16 Year 4: 21 Year 5: 20
Year 6: 20 Year 7: 23 Year 8: 25 Year 9: 24