In A Large Population Of Individuals Wage Income Has A Mean Of 20 000 Per Year A

In a large population of individuals, wage income has a mean of $20,000 per year and a standard deviation of $5000 per year. Asset income has a mean of $3000 per year and a standard deviation of $2500 per year. The correlation coefficient between wage income and asset income is 0.4. Total income is a sum of wage and asset income. Find the mean and standard deviation of total income for this population.

 

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