\begin{align*}Step 1: Review the formula of compound interest final value.
\begin{align*}Substituting r = 0.01 and n = 240 into the above formula, we can get: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:Step 1: Review the formula of compound interest final value.
Strategy guide
12-14
Strategy guide
Strategy guide 12-14
Strategy guide 12-14