The report described in the previous exercise also classified students according to region of residence and whether or not they had a credit card with a balance of more than $7000. Do these data support the conclusion that there is an association between region of residence and whether or not the student has a balance exceeding $7000? Test the relevant hypotheses using a .01 significance level.

Balance Over $7000?

Region No Yes Northeast 28 537 Midwest 162 182 South 42 481 West 9 118