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F&=(1 + 0.01)^{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:&=1.01^{240}

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

Step 2: Substitute data for calculation.Step 1: Review the formula of compound interest final value.Substituting r = 0.01 and n = 240 into the above formula, we can get: