In Exercise 8.36, you found a 99% confidence interval of $2.03 million to $2.51 million for the mean gross earnings of all Rolling Stones concerts.
a. Determine the margin of error, E.
b. Explain the meaning of E in this context in terms of the accuracy of the estimate.
c. Find the sample size required to have a margin of error of $0.1 million and a 95% confidence level. (Recall that σ = $0.5 million.)
d. Obtain a 95% confidence interval for the mean gross earnings if a sample of the size determined in part (c) has a mean of $2.35 million.