A firm purchases two types of industrial chemicals. Type I chemical costs $3 per gallon, whereas type II costs $5 per gallon. The mean and variance for the number of gallons of type I chemical purchased, Y1, are 40 and 4, respectively. The amount of type II chemical purchased, Y2, has E(Y2) = 65 gallons and V(Y2) = 8. Assume that Y1 and Y2 are independent and find the mean and variance of the total amount of money spent per week on the two chemicals.

Math 1070 – Elementary Statistics on the texts: Elementary Statistics with Excel, Third Custom Edition for Math1070; Georgia State University and Elementary Statistics; Eleventh Edition. Mario F. Triola, and coordinating PowerPoint Slides. Chapter 5 – Discrete Probability Distributions 5-3 – Binomial Probability Distributions Definition A binomial probability...