A construction company submitted bids for three contracts. The company estimates that it has a 20% chance of winning any given bid. Let X represent the number of bids the company wins. Here is the probability distribution of X along with summary statistics:

X = # of bids won-

0 1 2 3

P(X)-

0.512 0.384 0.096 0.008

Mean: µx=0.6

Standard deviation: σx=0.69

It costs the company a total of $2,000 to submit these bids, and they stand to gain $10,000 for each bid

they win. Let V represent their net gain from submitting these three bids.

What are the mean and standard deviation of V?

µv= dollars

σv=dollars