The outcomes include: • A significant population shift from eastern to western regions • Growth of substantial communities • Increase in household numbers to accommodate the influx of people. The mining activities driven by major companies, particularly for gold and silver, were responsible for a sizable population relocation from the east to the western territories, now recognized as the United States. This migration began with the discovery of gold at Sutter’s Fort in Sacramento, California. The mining ventures contributed to the emergence of key urban centers like San Francisco and Denver.
The equation for calculating annual compound interest is:
A = P (1 + r/n)ⁿˣ
In this equation:
A = Future value
P = Initial investment amount
r = Annual interest rate
n = Frequency of interest compounding per year
x = Duration in years
A = $6,000
P = $3,000
r =?
n = 1 time
x = 6 years.
6000 = 3000 × (1 + r)⁶
6000/3000 = (1 + r)⁶
2 = (1 + r)⁶
Taking the sixth root of both sides.
1.12 = 1 + r
r = 1.12 - 1
r = 0.12
r = 12%
