Answer:
Part A) [tex]y=1,000(1.01^{x})[/tex]
Part B) [tex]1,105\ persons[/tex]
Step-by-step explanation:
Part A) What is the explicit rule for the number of residents
we know that
In this problem we have a exponential function of the form
[tex]y=a(b^{x})[/tex]
where
a is the initial value
b is the base
r is the rate
(1+r)=b
so
Let
y ----> the number of residents
x is the time in years
we have
a=1,000 residents
r=1%=0.01
b=(1+0.01)=1.01
substitute
[tex]y=1,000(1.01^{x})[/tex]
Part B) How many residents will there be in the town in Year 10?
For x=10 years
substitute in the equation
[tex]y=1,000(1.01^{10})[/tex]
[tex]y=1,105\ persons[/tex]