What is the margin of error and what is the confidence interval

Question

A survey of 1,026 people asked: “What would you do with an unexpected tax refund?” Forty-seven percent responded that they would pay off debts.

a. At 95% confidence what is the margin of error?

b. Construct the 95% confidence interval for the population proportion of people who would pay off debts with an unexpected tax refund.

Answer 1

The margin of error is z-critical for 95% CI * sqrt[p*(1-p)/n], where z-critical = 1.96, p = 0.47 and n=1026

The CI = 0.47 +/- the margin of error