1. On 1 January 2018, an insurer sells 200 policies, each with a one-year term, to business owners wishing to insure against damage caused by vandalism. The insurer knows that the only likely date a claim will be made is on 1 May when the May Day demonstrations take place.

The annual probability of making a claim on each policy is 30%. Claim amounts follow a Pareto distribution with parameters alpha=5 and lambda=8000.

Calculate the mean and standard deviation of the aggregate claims.