You are working on a political campaign and you want to take a sample to determine your candidate’s present status. It is a very close race between your candidate and the opponent. How many samples must be taken to ensure that the measured percentage of voters supporting your candidate will lie within a margin of error of 3% with 95% confidence? How many samples will be needed to satisfy these requirements? Show the formula employed along with any explanations and assumptions.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.