The margin of error here is 0.034.
What is margin of error?
The margin of error is a statistic that expresses the amount of random sampling error in survey results. The greater the margin of error, the less confident one should be that a poll result will accurately reflect the results of a population census. When a population is incompletely sampled and the outcome measure has positive variance, or when the measure varies, the margin of error will be positive.
Multiplying a key factor (for a specific confidence level) and the population standard deviation yields the calculation for the margin of error. The outcome is then divided by the square root of the sample's number of observations.
Mathematically, it is represented as,
Margin of Error = Z * ơ / √n
For a 99% confidence level, the critical factor or z-value is 2.58 i.e. z = 2.58.
M.E. = 0.034
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