Sample rate determines digital audio bandwidth: the system can represent frequencies up to half the sample rate
The Nyquist theorem states that a digital system can accurately represent frequencies up to half the sample rate. Therefore 44.1 kHz captures up to ~22 kHz (adequate for human hearing to 20 kHz), while 96 kHz captures up to 48 kHz and 192 kHz up to 96 kHz. Higher sample rates give a better representation of the waveform. CDs use the 44.1 kHz standard.
Examples
A 44.1 kHz/16-bit session archived at 96/24 before downconverting to CD retains more information for later remastering and a better-sounding lower-resolution delivery.
Assessment
If the human ear hears up to 20 kHz, what minimum sample rate is required and why?