The formula for annual compound interest is:
A = P (1 + r/n)ⁿˣ
Where:
A = Future value
P = The principal investment amount
r = The annual interest rate
n = The number of times that interest is compounded per year
x = The number of years
A = $6,000
P = $3,000
r = ?
n = 1 times
x = 6 years.
6000 = 3000 × (1 + r)⁶
6000/3000 = (1 + r)⁶
2 = (1 + r)⁶
Taking 6th root on both sides.
1.12 = 1 + r
r = 1.12 - 1
r = 0.12
r = 12%
<em>C. The Southern colonies had more slave labor because of cash crops.</em>
Explanation:
The colonies in the South definitely relied on slave labor to earn a profit. They focused on owning plantations in order to grow cash crops. Cash crops were crops that people would pay a lot for and were needed, mostly overseas. Some Southern cash crops were indigo, tobacco, and cotton, which were grown in fields on plantations.
During the Civil War, slavery was a huge debate among the Southern and Northern colonies. The South made the argument that they needed slave labor since they made a profit from agriculture and the cash crops. The North was very industrialized during this time and made its profit from industries selling goods, but they also thought slavery was inhumane.
When the South lost the Civil War, slavery ended up getting outlawed. Although slavery was abolished, the prejudice did not stop. The South now needed to rely on another source of income, as they did not have enough labor in order to maintain the same amount of cash crops they were producing beforehand.
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