This model shows how to set up simulink to do FM modulation of a single tone signal by direct method
The MDL file is fm_modulate_direct.mdl
The following model shows how to set up simulink to do FM modulation of a single tone signal using simulink FM modulation block which is part of the communication blockset
The MDL file is using_simulink_blockset.mdl
The above was done using Matlab 2010a