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F&=(1 + 0.01)^{240}\\Substituting r = 0.01 and n = 240 into the above formula, we can get:Step 2: Substitute data for calculation.

F&=(1 + 0.01)^{240}\\\end{align*}&=1.01^{240}

Substituting r = 0.01 and n = 240 into the above formula, we can get:\begin{align*}