Data from a city bank showing monthly loan applications for home mortgage and the number rejected are given in Table 8-39. Construct an appropriate control chart and comment on the loan approval process.

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12345678ad TABLE 8-39 Data on Loan Applications Month Number of Applications 52 Number Number of Number Rejected Month Applications Rejected 45 68 74 50 66 9 7856 60 12 55 10 48 345435423 + 11 76 12 68 13 70 14 58 15 62 16 65 17 18 19 4 20 2007 78 67 5544543344