A deposit of $10,000 is made in a trust fund that pays 4.9% interest, compounded monthly. What is the balance of the trust fund after 15 years?

i = .049/12 = .00408333...

n= 15(12) = 180

amount
= 10000(1.00408333..)^180
= $ 20,823.63

To find the balance of the trust fund after 15 years, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the final balance of the trust fund
P = the principal amount (initial deposit)
r = annual interest rate (expressed as a decimal)
n = number of times interest is compounded per year
t = number of years

In this case:
P = $10,000
r = 4.9% = 0.049 (expressed as a decimal)
n = 12 (compounded monthly)
t = 15 years

Plugging in these values into the formula, we get:

A = 10,000(1 + 0.049/12)^(12*15)

Calculating this expression gives us the final balance of the trust fund after 15 years.

To find the balance of the trust fund after 15 years, we can use the formula for compound interest:

A = P * (1 + r/n)^(nt)

where:
A = the final amount after time t
P = principal amount (initial deposit)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years

In this case:
P = $10,000
r = 4.9% = 0.049 (converted to decimal form)
n = 12 (compounded monthly)
t = 15 years

Plugging these values into the formula:

A = 10,000 * (1 + 0.049/12)^(12*15)

To solve this equation, you can use a scientific calculator or an online calculator. The result will give you the balance of the trust fund after 15 years.