Answer: $95,697
Explanation:
Given that,
A parent deposits = $30,000 in a trust fund
Interest rate (r) = 4% = 0.04
t = 29 years
Amount = Principle × [tex]e^{rt}[/tex]
= 30,000 × [tex]e^{0.04\times29}[/tex]
= 30,000 × [tex]e^{1.16}[/tex]
= 30,000 × 3.1899
= $95,697
Therefore, the balance in this account on the child's 29th birthday is $95,697.
