We can use trigonometry to solve this problem. Let's denote the height of the hole as h. Then, we can use the tangent function:
tan(43°) = h/8
Multiplying both sides by 8, we get:
h = 8 * tan(43°)
Using a calculator, we get:
h ≈ 7.19 feet
Therefore, the hole in the tree is approximately 7.19 feet high. Rounded to the nearest hundredth foot, the answer is 7.19 feet.