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

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

F&=(1 + 0.01)^{240}\\&=1.01^{240}1.01 {240} \ approximate 10.8926 is calculated by a calculator.