Ten analysts have given the following fiscal-year earnings forecasts for a stock:
Forecast (Xi)............................................. Number of Analysts (ni)
1.40)...........................................................1
1.43)...........................................................1
1.44)...........................................................3
1.45............................................................2
1.47............................................................1
1.48............................................................1
1.50............................................................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. Assume that the analyst forecasts are normally distributed.
A. What are the mean forecast and standard deviation of forecasts?
B. Provide a 95 percent confidence interval for the population mean of the forecasts?