Step 1: Approach
Use the definition of variance as the average squared deviation from the mean.
Step 2: Mean
$\mu=\dfrac{11}{5}=2.2$.
Step 3: Deviations
$(1-2.2)^2=1.44$, $(2-2.2)^2=0.04$, $(3-2.2)^2=0.64$.
Step 4: Weighted average
$\sigma^2=0.2(1.44)+0.4(0.04)+0.4(0.64)=0.288+0.016+0.256=0.56=\dfrac{14}{25}$.
Step 5: Answer
Option (B).
Final Answer:
The mean is 11/5 and the variance is 14/25, option (B).
\[ \boxed{\frac{11}{5},\ \frac{14}{25}} \]