I haven't taken a stats course in years and was asked to answer the following question. Was curious if anyone here could easily answer this question/provide some clarification? Any help would be greatly appreciated.
[Based on a client’s requirements of a confidence interval of 99% and acceptable sampling error of 2%, a sample size of 500 was calculated. The cost to the client would be $20,000. The client only has a budget of $17,000. What can you do to win the contract without exceeding the client’s budget? Explain in detail, and show all steps to any mathematical solutions.]
[Based on a client’s requirements of a confidence interval of 99% and acceptable sampling error of 2%, a sample size of 500 was calculated. The cost to the client would be $20,000. The client only has a budget of $17,000. What can you do to win the contract without exceeding the client’s budget? Explain in detail, and show all steps to any mathematical solutions.]