Final answer:
The population of the town after 8 years with a 9% annual growth rate will be approximately 1995 residents, calculated using the exponential growth formula.
Step-by-step explanation:
To calculate the population at the end of 8 years with an annual growth rate of 9%, we can use the formula for exponential growth: P = P0 * (1 + r)^t, where P is the final population, P0 is the initial population, r is the growth rate (as a decimal), and t is the time in years.
To find the population at the end of 8 years, we will use the formula for exponential growth: P = P0(1 + r)t, where P0 is the initial population, r is the growth rate, and t is the number of years.
In this case, P0 = 1000, r = 0.09 (9%), and t = 8. Plugging these values into the formula, we get P = 1000(1 + 0.09)8 ≈ 1966.82.
Rounding to the nearest unit, the population at the end of 8 years will be approximately 1967 people.
For the town starting with 1000 residents and increasing by 9% annually, the formula becomes P= 1000 * (1 + 0.09)^8.
After calculating, we get P ≈ 1995. Thus, the population of the town at the end of 8 years, rounded to the nearest unit, will be approximately 1995 residents.