Question: 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

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.)

Default 10 20 Repaid 40 Large Small 930

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