Step 2: Substitute data for calculation.Substituting r = 0.01 and n = 240 into the above formula, we can get:1.01 {240} \ approximate 10.8926 is calculated by a calculator.
Substituting r = 0.01 and n = 240 into the above formula, we can get:1.01 {240} \ approximate 10.8926 is calculated by a calculator.1.01 {240} \ approximate 10.8926 is calculated by a calculator.
1.01 {240} \ approximate 10.8926 is calculated by a calculator.\begin{align*}&=1.01^{240}