A bank grants mortgages to 87% of all applicants. After the applicant gets approval, the bank sends an appraiser to evaluate the value of the property. The bank pays the appraiser a retainer amount of $2000 a month plus $200 for each appraisal. Assume the bank gets 10 loan applications next month.

Show your calculations and logic - and USE EXCEL FORMULAS to solve the following problems where applicable.

(a) What is the probability that the bank will grant 7 or more mortgages next month?

(b) What is the probability that the bank will grant at least 5 but less than 9 mortgages next month?

(c) What is the expected value(the mean value) of the amount of money the bank will have to pay its appraiser next month?

(d) What is the standard deviation of the amount of money the bank will have to pay its appraiser next month?