A student organization wants to start a nightclub for students under the age of 21. To assess support for this proposal, they will select an SRS of students and ask each respondent if he or she would patronize this type of establishment. They expect that about 60% of the student body would respond favorably. What sample size is required to obtain a 95% confidence interval with an approximate margin of error of 0.08? Suppose that 50% of the sample responds favorably. Calculate the margin of error of the 95% confidence interval.