Write and solve an absolute value inequality for this situation.

The accuracy of a certain stopwatch varies by $5$%, meaning that the time it shows may be off as much as $5$% from the actual time. If the stopwatch shows a time of $3\text{:}26$ ($3$ minutes, $26$ seconds) for an athlete’s $800$m run, then $x$ is the actual time and $0.05x$ is the potential amount of error. Use this information to write your equation and determine the range of possible times that the run may actually have taken.