Math Problem Statement
A survey was given to a random sample of 50 residents of a town to determine whether they support a new plan to raise taxes in order to increase education spending. Of those surveyed, 20 respondents said they were in favor of the plan. At the 95% confidence level, what is the margin of error for this survey expressed as a proportion to the nearest thousandth? (Do not write plus or minus±).
Solution
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Math Problem Analysis
Mathematical Concepts
Statistics
Margin of Error
Confidence Intervals
Formulas
Margin of Error (ME) = z * sqrt(p(1-p)/n)
Theorems
Central Limit Theorem
Suitable Grade Level
Grades 10-12
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