Johnson Electronics makes calculators. Consumer satisfaction is one of the top priorities of the company's management. The company guarantees the refund of money or a replacement for any calculator that malfunctions within two years from the data of purchase. It is known from past data that despite all efforts, 5% of the calculators manufactured by this company malfunction within a 2-year period. The company recently mailed 500 such calculators to its customers.

Find the probability that exactly 29 of the 500 calculators will be returned for refund or replacement within a 2-year period.

So from the given, I have concluded:

h0:u=.05, h1:u>.05 (Not positive these are right)

n=500, xbar=.058

I cannot determine the value of the standard deviation (will be referred to as s).

The formula I believe I need to use for this equation is:

Z=(xbar-u0)/(s/sqrt(n))

Then using the chart, figure out what the P value is.

I will attempt to elaborate further upon request.

Thank you in advance!

Kroger