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

Substituting r = 0.01 and n = 240 into the above formula, we can get:\end{align*}Step 2: Substitute data for calculation.

&=1.01^{240}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: