The MainStay Investments of New York Life Investment Management survey of respondents between the ages of 26 to 82 indicated that 66% of seniors, 61% of baby boomers, and 58% of Generation X expect IRAs to be their primary source of income in retirement. The margin of error was given as ± 5 percentage points.
a. Calculate a 95% confidence interval for the proportion of seniors who expect IRAs to be their primary source of income in retirement.
b. Although the sample size for the entire survey was listed, the sample size for each of the three generations was not given. Assuming the confidence level was 95%, determine the sample size for each of the three generations.