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A rent-to-own (RTO) agreement allows immediate access to merchandise, and by making...

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Accounting

A rent-to-own (RTO) agreement allows immediate access to merchandise, and by making all payments, the consumer acquires the merchandise. At the same time, goods can be returned at any point without penalty. Suppose a recent study documents that 65% of RTO contracts are returned, 30% are purchased, and the remaining 5% default. In order to test the validity of this study, an RTO researcher looks at the transaction data of 470 RTO contracts, of which 313 are returned, 124 are purchased, and the rest defaulted.
b. Compute the value of the test statistic.
Note: Round the intermediate calculations to at least 4 decimal places and final answer to 3 decimal places.

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