If the anchor doesn't hit bottom, the level of the lake shouldn't change at all; the boat plus the anchor should displace the same amount of water as they did when the anchor was inside the boat -- exactly enough water to equal the weight of the boat plus the anchor. The only difference is that since the anchor is now displacing a small amount water by itself, the boat doesn't need to displace as much, so it should rise a tiny bit.
where tiny bit = volume of anchor / surface area of lake. if the boat moves some because it isn't properly anchored, then presumably there would be more tension on the chain and thus a net rise in water level. of course, the problem initially never describes a chain & introducing the effects of one makes the problem far less tractable.
