# Question: A consultant has three sources of income from teaching short courses

A consultant has three sources of income-from teaching short courses, from selling computer software, and from advising on projects. His expected annual incomes from these sources are $20,000, $25,000, and $15,000, and the respective standard deviations are $2,000, $5,000, and $4,000. Assuming independence, find the mean and standard deviation of his total annual income.

## Answer to relevant Questions

The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is $60,000 and that 40% of all families in the suburb ...The nation of Olecarl, located in the South Pacific, has asked you to analyze international trade patterns. You first discover that each year it exports 10 units and imports 10 units of wonderful stuff. The price of exports ...An investor puts $2,000 into a deposit account with a fixed rate of return of 10% per year. A second sum of $1,000 is invested in a fund with an expected rate of return of 16% and a standard deviation of 8% per year. a. Find ...A video-rental chain estimates that annual expenditures of members on rentals follow a normal distribution with a mean of $100. It was also found that 10% of all members spend more than $130 in a year. What percentage of ...A management consultant found that the amount of time per day spent by executives performing tasks that could be done equally well by subordinates followed a normal distribution with a mean of 2.4 hours. It was also found ...Post your question