Hello there, I am having a hard time understanding this question and its answer. Would you please explain it to me?

You are planning a sample survey to estimate the proportion of U.S. registered voters that plan to vote for the Republican candidate in the next presidential election. You want to estimate p with 99% confidence and a margin of error no greater than 2%. Using a p* of 0.5, you need a sample of at least 1068.

True or False?

ANSWER: False

1068 is the correct sample size for 95% confidence with a 0.03 margin of error.