Answer:
Mean = $79,000
Standard deviation = $25,000
Step-by-step explanation:
Data provided in the question:
Expected annual incomes:
From teaching short courses = $7,000
From selling computer software = $22,000
From advising on projects = $50,000
Standard deviation:
teaching short courses = $3,000
selling computer software = $4,000
advising on projects = $18,000
Now,
it is given that the events are independent
therefore,
Mean = ∑(Expected annual income)
or
Mean = $7,000 + $22,000 + $50,000
or
Mean = $79,000
also,
Standard deviation = ∑(standard deviation)
or
Standard deviation = $3,000 + $4,000 + $18,000 = $25,000
