please answer and explain An author receives a contract from a publisher accordi
ID: 2927958 • Letter: P
Question
please answer and explain
An author receives a contract from a publisher according to which he is to be paid a fixed sum of $600 plus $1.53 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 4700 and a standard deviation of 1000. Find the mean and standard deviation of the total payments he will receive.
Mean = __
Standard deviation =__
o m a pulahct acco din to which he to e paid pla SI 53 or each co y of lis book se d Hi ut e taint und a standard deviatiou of An annhor eeeves a o tract xe an a SEC a ont total sales of the bo eau be represente b a fandom van able with a mea o 4700 and s'a standard evatou o 1 00 Flad the mean ad standard deviation of the tonal payments he will roceive. Mesn Stinckard deviation-Explanation / Answer
Total Payments variable can be represented as = 600+1.53X
Where X is the random variable denote the No of Sales of the book
Mean of Total Payments = 600+1.53*4700 = 7791
Variance of Total Payments = 1.53*1000 = 1530
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