Final answer:
To find the new balance of the account after 4 years with compound interest, use the formula A = P(1 + r/n)^(nt), where A is the future balance, P is the principal, r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years. In this case, the principal is $575, the interest rate is 4.6%, and the interest is compounded annually. The new balance after 4 years is approximately $668.81.
Step-by-step explanation:
To find the new balance of the account after 4 years, we can use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the future balance, P is the principal (initial deposit), r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years.
In this case, the principal is $575, the interest rate is 4.6%, and the interest is compounded annually.
So the new balance of the account after 4 years is:
A = 575(1 + 0.046/1)^(1*4)
A = 575(1.046)^4
A ≈ $668.81 (rounded to the nearest cent).