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Substituting r = 0.01 and n = 240 into the above formula, we can get:

\begin{align*}\begin{align*}1.01 {240} \ approximate 10.8926 is calculated by a calculator.

Step 1: Review the formula of compound interest final value.We can use the formula for calculating the final value of compound interest to calculate the final increase under this continuous growth situation. The following are the specific steps: