Gavin depositing money into his savings account that is compounded annually at an interest rate of 9%. gavin thought that equivalent quarterly interest rate would be 2.25%. is gavin correct? if he is, explain why. if he is not correct, state the equivalent quarterly interest rate is and how you got your answer.

yes, gavin is right.

step-by-step explanation:

gavin is correct. 

this problem is about converting 9% per year to how many percent per quarter. the rate is still the same. it only differed in the time period. so, through dimensional analysis,

9% per year  × (1 year / 4 quarters) = 2.25% per quarter

if he was asked to convert 9% per year to how many percent per quarter  compounded quarterly, then you will not simply divide by four. this is because compounding is not linear.

hope this , have a good day. c;

rx and sx

step-by-step explanation: