We investigate an asymptotic expansion of the solution of the master equation under the modulation of control parameters. In this case, the dominant part of the solution becomes the dynamical steady state expressed as an infinite series using the pseudo-inverse of the Liouvillian, whose convergence is not granted in general. We demonstrate that for the relaxation time approximation, the Borel summation of the infinite series is compatible with the exact solution. By exploiting the series expansion, we obtain the analytic expression of the heat. In the two-level system coupled to a single bath, we consider that the linear modulation of the energy as a function of time and demonstrate that the infinite series expression is the asymptotic expansion of the exact solution. The equality of a trade-off relation between the speed of the state transformation and the entropy production (Shiraishi, Funo, and Saito, Phys. Rev. Lett. 121, 070601 (2018)) holds in the lowest order of the frequency of the energy modulation in the two-level system. To obtain this result, the heat emission and absorption at edges (the initial and end times) or the differences of the Shannon entropy between the instantaneous steady state and the dynamical steady state at edges are essential: If we ignore these effects, the trade-off relation can be violated.