3. [8 pts] Suppose you survey a random sample from a large population and use the sample to produce a 95\% confidence interval. How large must the sample be to have a margin of error of 3\% or less?
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Step 1: We know that the margin of error (ME) is given by: $$ME = z^* \frac{\sigma}{\sqrt{n}}$$ where $z^*$ is the critical value for the desired confidence level, $\sigma$ is the population standard deviation, and $n$ is the sample size. Show more…
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