Tara deposits $1,000 in a retirement savings account at the beginning of each year. The account pays an interest rate of 5% compounded annually, and the interest is paid on the last day of the year. What is the balance in Tara’s account at the end of the fourth year? $4,310.13
$4,525.63
$5,525.63
$5,801.91

Please show work, or I'll report your answer.

4,525.63

Step-by-step explanation:

The formula for compound interest is P (1 + r/n)^(nt), where P is the initial principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.

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step-by-step explanation: