Do I have to send back replaced iPhone?

My old iPhone 4S has been having hardware malfunctions, so apple agreed to send me a replacement. Do i have to send them back my old iPhone or can I keep it? It'd be nice if I didn't have to transfer all my music, pictures, apps, etc and itd save space, haha.

Obviously you have to exchange it, they aren't stupid.

You will have to send back the old one, otherwise they will charge you full retail price for the replacement. Back up the faulty one to iTunes, or to the cloud, then you can restore your apps, music etc, to the new iPhone using the same account.

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