Exoplanets are planets that orbit stars beyond our solar system. Studying them is crucial for understanding the formation and evolution of planetary systems, including our own. Furthermore, it sheds light on the potential for life elsewhere in the universe. Two popular methods for detecting exoplanets are the transit method and the radial velocity method. The transit method measures the dip in the star's brightness when a planet passes in front of it, while the radial velocity method observes the motion of a star caused by the gravitational pull of its orbiting planets.
You are a professional astronomer. Explain the importance of studying exoplanets and the methods used to detect them.