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17. The mortgage office of ACS Banca in Italy receives, on average, 130 applications for various types of mortgages, generally divided into two groups of
17. The mortgage office of ACS Banca in Italy receives, on average, 130 applications for various types of mortgages, generally divided into two groups of residential and buy-to-let mortgages. For the last 18 months, the bank rejected around 25% of applications after the initial review, which takes about 1.5 hours (i.e., 0.2 day). The applications which pass the initial review would be considered for further assessment. This stage usually has 35% of the applications for residential mortgages and 40% of the applications for buy-to-let mortgages. This assessment process takes up to 3 days for residential mortgages and 6 days for buy-to-let mortgages. The diagram below illustrates the share and duration of different mortgage assessments: a. (") What is the approximate number of mortgage applications in the mortgage office of the bank for the entire application review process? b. (*) On average, how long does it take for each mortgage application to receive the decision
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