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

F&=(1 + 0.01)^{240}\\Step 1: Review the formula of compound interest final value.\begin{align*}

&=1.01^{240}&=1.01^{240}Therefore, according to the daily increase of 1\%, the increase is about 989.26\% after 240 trading days.