Thirteen analysts have given the following fiscal-year earnings forecasts for a stock:

Forecast (Xi) Number of Analysts (ni)

0.70 2

0.72 4

0.74 1

0.75 3

0.76 1

0.77 1

0.82 1

Because the sample is a small fraction of the number of analysts who follow this stock, assume that we can ignore the finite population correction factor.

1. What are the mean forecast and standard deviation of forecasts?

2. What aspect of the data makes us uncomfortable about using t-tables to construct confidence intervals for the population mean forecast?