A check-cashing service company found that approximately 7% of all checks submitted to the service were without suf?cient funds. After instituting a random check veri?cation system to reduce its losses, the service company found that only 70 were rejected in a random sample of 1125 that were cashed. Is there suf?cient evidence that the check veri?cation system reduced the proportion of bad checks at α = 0.01? What is the p-value associated with the test? What would you conclude at the α = 0.05 level?