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&=1.01^{240}\end{align*}

Substituting r = 0.01 and n = 240 into the above formula, we can get:1.01 {240} \ approximate 10.8926 is calculated by a calculator.F&=(1 + 0.01)^{240}\\

Step 1: Review the formula of compound interest final value.F&=(1 + 0.01)^{240}\\