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1.01 {240} \ approximate 10.8926 is calculated by a calculator.F&=(1 + 0.01)^{240}\\Step 1: Review the formula of compound interest final value.

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

Step 2: Substitute data for calculation.F&=(1 + 0.01)^{240}\\\begin{align*}