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

The answer correcly explained is this: (1.09^.25)-1=. 02177818086 or 2.17%
so gavin is close but not correct entirley. i know this beucase i go to k12. you question is from the unit 5 test part 2. you should watch the practice test part 2 recording. its very and shows you how to solve problem like the one you have above.

Qaurter is 1/4 so he is correct because 9 divided by 4 equals 2.25