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Binary coding of multiplexed signals and images has been studied in the context of spectroscopy with models of either purely constant or purely proportional noise, and has been shown to result in improved noise performance under certain conditions. We consider the case of mixed noise in an imaging system consisting of multiple individually-controllable sources (X-ray or near-infrared, for example) shining on a single detector. We develop a mathematical model for the noise in such a system and show that the noise is dependent on the properties of the binary coding matrix and on the average number of sources used for each code. Each binary matrix has a characteristic linear relationship between the ratio of proportional-to-constant noise and the noise level in the decoded image. We introduce a criterion for noise level, which is minimized via a genetic algorithm search. The search procedure results in the discovery of matrices that outperform the Hadamard S-matrices at certain levels of mixed noise. Simulation of a seven-source radiography system demonstrates that the noise model predicts trends and rank order of performance in regions of nonuniform images and in a simple tomosynthesis reconstruction. We conclude that the model developed provides a simple framework for analysis, discovery, and optimization of binary coding patterns used in multiplexed imaging systems.