Consumer Reports (January 2005) indicates that profit margins on extended warranties are much greater than on the purchase of most
Consumer Reports (January 2005) indicates that profit margins on extended warranties are much greater than on the purchase of most products.4 In this exercise we consider a major electronics retailer that wishes to increase the proportion of customers who buy extended warranties on digital cameras. Historically. 20 percent of digital camera customers have purchased the retailer's extended warranty. To increase this percentage, the retailer has decided to offer a new warranty that is less expensive and more comprehensive. Suppose that three months after starting to offer the new warranty, a random sample of 500 customer sales invoices shows that 152 out of 500 digital camera customers purchased the new warranty. Letting p denote the proportion of all digital camera customers who have purchased the new warranty, calculate the p-value for testing H0: μ = .20 versus Ha: μ > .20. How much evidence is there that p exceeds .20? Does the difference between and .2 seem to be practically important? Explain your opinion.
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