1 EconomicsFour hundred driver's license applicants were randomly selected and asked whether they passed their driving test (Pass,1) or failed their test (Pass, 0); data were also located on their gender(Male, 1 if male and 0 if female) and their years of driving experience (Experience,, in years). The following table summarizes the results from several probit, logit and linear probability modelsDependent variable: Pass.Regression ModelRegressorExperienceMaleMale x ExperienceConstantUse the results in column (2) to answer the following questions.is the coefficient on Experience significant at any reasonable level?Probit(1)0.031(0.006)0.716(0.128)Logit LPM(2)(3)0.048 0.006(0.015) (0.004)Probit Logit LPM(4)(5)(6)OA The coefficient on Experience is significant at the 10%, but not at the 5% or 1% significance level.a. The coefficient on Experience is significant at the 1% significance level.OC. The coefficient on Experience is not significant at any reasonable level.OD. The coefficient on Experience is significant at the 5%, but not at the 1% significance level.John has 16 years of driving experience. What is the predicted probability that he will pass the test?-0.335 -0.627(0.164) (0.304)1.0570.773 1.283 2.191(0.223) (0.037) (0.125) (0.243)Probit(7)0.042(0.157)-0.079 -0.176(0.038) (0.259)The predicted probability that John will pass the test is 0.872(Round your response to three decimal places)Katherine is a new driver (zero years of experience). What is the predicted probability that she will pass the test?The predicted probability that Katherine will pass the test is(Round your response to three decimal places)0.901(0.026)-0.013(0.019)0.803(0.201)

Economics Four hundred driver's license applicants were randomly selected and asked whether they passed their driving test (Pass, 1) or failed their test (Pass, 0); data were also located on their gender (Male, 1 if male and0 if female) and their years of driving experience (Experience,, in years). The following table summarizes the results from several probit, logit and linear probability models Dependent variable: Pass. Regression Model Regressor Experience Male Male x Experience Constant Probit (1) 0.031 (0.006) Logit LPM (2) (3) 0.048 0.006 (0.015) (0.004) Probit Logit (4) (5) -0.335 -0.627 (0.164) (0.304) 0.716 1.057 0.773 1.283 2.191 (0.128) (0.223) (0.037) (0.125) (0.243) Probit (7) 0.042 (0.157) -0.176 -0.079 (0.038) (0.259) -0.013 (0.019) 0.901 0.803 (0.026) (0.201) LPM (6)