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3. The first equation below is a probit model and the second equation is a logit model. Answer the questions: P(y = 1/x1 ,X2 ) = 0(-2.26 + 2.74x1 + 0.71f) (0.16) (0.44) (0.083) P(y = 1/X1 ,X2) = F(-4.13 + 5.37x1 + 1.27f) (0.35) (0.96) (0.15) Where y = 1 if a mortgage application has been denied, x1 = debt payment to income ratio, f=1 if female, etc a. If the debt payment to income ratio is 50%, compute the probabilities of denial for a typical man and for a typical woman applicants with the probit model. Is the variable of f significant? b. If the debt payment to income ratio is 50%, compute the probabilities of denial for a typical man and for a typical woman applicants with the logit model. Is the variable of f significant? c. What is the benefit of probit or logit model to compare the linear probability model? Draw the rough shape of the graph of probit or logit model