You are promoting an outdoor concert series to take place in Chicago and Detroit . Since you are in first stages of planning, you are unsure about exactly how many people will purchase the event tickets. The number of people who will attend the Chicago event in a random variable C, and the number of people who will attend the Detroit event is a random variable D. C and D are independent.
You expect the number of attendees to be E(C): 12,000 and E(D): 9,000, respectively. You are unsure about these estimates and reflects on standard deviation:
Std. deviation C: 1,000
Std. deviation D: 500
The tickets price are: 20 dollar at Chicago event and $17 for Detroit event.
What is the variance of your combined total ticket revenue from the two cities?
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