Getting iphone replaced bad sleep/power button?

I got my iphone 5 around 2 months ago. The sleep/power button doesn't work most of the time, and now I have to press it nearly 10 times for a response. If I took it in to the store, would I get it fixed, or would it be a simple replace? Also (this will sound stupid) would I be able to keep my old iphone, or would they take it away (what do they need with a bad iphone they can't use or sell)?

If it's within warranty they will fix / replace it. Considering it's an iPhone 5, it's still in warranty. You need to set up an appointment with the Apple Store before walking in. They are usually very busy.

If you have Apple Care that gives you 2 years under warranty. They will replace phones for $100 bucks. If you are not under warranty they will replace phones for $200 bucks.

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