This table summarizes the status of 1,000 loans made by a bank. Each loan either ended in default or was repaid. Loans were divided into large (more than $50,000) or small size. (a) What would it mean...

This table summarizes the status of 1,000 loans made by a bank. Each loan either ended in default or was repaid. Loans were divided into large (more than $50,000) or small size.

(a) What would it mean to find association between these variables?

(b) Does the table show association? (You shouldn’t need to do much calculation.)