&=1.01^{240}&=1.01^{240}Step 2: Substitute data for calculation.
Substituting r = 0.01 and n = 240 into the above formula, we can get: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}
\end{align*}
Strategy guide
12-14
Strategy guide 12-14
Strategy guide
12-14
Strategy guide