Suppose x and y are random variables with E(x) = 500, Var(x) = 50. Given that x and y are independent, what are the expected value and variance of the random variable?
a) E(xy) = 500, Var(xy) = 50
b) E(xy) = 1000, Var(xy) = 100
c) E(xy) = 500, Var(xy) = 100
d) E(xy) = 1000, Var(xy) = 50