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Consider an investment bank who looks to fulfilling a high-levelvacancy. The salary for this position is $200K. The applicant pool consists of two types ofcandidates, a qualified type that brings in $400K in output and an unqualified type that brings in $150K inoutput. 6 in 10 candidates are qualified but the bank cannot distinguish which is which. It can screenthe applicants but this will cost $3000 per applicant and has only 70% accuracy. (i) Should the firm screen its applicants? Show work. (ii) What is the minimum level of accuracy beyond which the bankchooses screening? . . .