Question: QUESTION 3 Use the estimated probit model below to answer this question. Consider the following equation for a probit model, where P/l ratio is the

QUESTION 3 Use the estimated probit model below to answer this question. Consider the following equation for a probit model, where P/l ratio is the payment-to-income ratio, black is a binary variable indicating if the applicant is black, and Deny is the probability of being denied a mortgage. The probit estimates are (standard errors in parentheses): Deny' = d>(-2.26 + 2.74 x P/l ratio + 0.71 x black) (0.16) (0.44) (0.033) Suppose the applicant is white and has a P/l ratio of 0.35. What is the probability that their application will be denied? Report your answer to four decimal places

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