On the day of a child's birth, a parent deposits $30,000 in a trust fund that pays 4% interest, compounded continuously. determine the balance in this account on the child's 29th birthday. (round your answer to two decimal places.)

$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 ×

             = 30,000 ×

             = 30,000 ×  

             = 30,000 × 3.1899

             = $95,697

Therefore, the balance in this account on the child's 29th birthday is $95,697.

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