Find out the mean and standard deviation of total payment

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Reference no: EM13148734

An author receives a contract from a publisher, according too which he is to be paid a fixed sum of according to which he is to be paid a fixed sum of $10,000 plus $1.50 for each copy of his book sold. His uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,000. Find the mean and standard deviation of the total payments he will receive.

Reference no: EM13148734

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