A survey was conducted on a random sample of students at a college campus to study student opinions on the new honors program. Out of the students surveyed, 78% rated the new honors program as "very rigorous" with a margin of error of ±3% and a confidence interval of 90%.
What does the margin of error imply?
1. It can be concluded, with 90% confidence, that at least 75% of all students will rate the new honors program as "very rigorous."
2. It can be concluded, with 78% confidence, that at least 87% of all students will rate the new honors program as "very rigorous."
3. It can be concluded, with 78% confidence, that between 87% and 93% of all students will rate the new honors program as "very rigorous."
4. It can be concluded, with 90% confidence, that between 75% and 81% of all students will rate the new honors program as "very rigorous."
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