A recent article in The Economist reported on the decision by Zillow to "shut down its huge instant-buying, or i-buying, business, which uses big data and algorithms to make offers on homes in dozens of cities in America and then swiftly sells them on." According to a former Zillow employee, the company aimed to have 50% of its offers to be accepted. Suppose that Zillow made 100 offers to homeowners and 74 of them were accepted.

Additional scenario: Suppose that Zillow made 14,000 offers in the third quarter of this fiscal year and 74% of these offers were accepted.

Question: Without any calculation, explain why the margin of error for the 99% CI estimate of the population proportion of Zillow's offers that are accepted is at most 1%. Also, the price range that Zillow offers for each house is between 200K - 400K. Compute the minimum expense that was over Zillow's planned budget in the third quarter alone.