\begin{align*}Step 2: Substitute data for calculation.1.01 {240} \ approximate 10.8926 is calculated by a calculator.
Therefore, according to the daily increase of 1\%, the increase is about 989.26\% after 240 trading days.&=1.01^{240}
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:
Strategy guide
Strategy guide