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Is the sentence "This is the first time I'll be taking the exam." grammarly correct? If so, why using the present continuous tense, and what about "This is the first time I take the exam."

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Yes, the first sentence is correct. That is not the present continuous; it is in the future, not yet, but not too far away.

The second sentence is just as correct, and implies the speaker is just about to take the exam.

However you can use both in the same situation.

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