The future value of money under simple interest is calculated using the equation: F = P(1+rt), where F is the future value, P is the present value, r is the interest rate, and t is the time in years.
F = ($2500)(1+0.1*1.5) = ($2500)(1.15) = $2875
Landowners turned to African slaves as a more profitable and ever-renewable source of labor and the shift from indentured servants to racial slavery had begun.
