3. 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.

Can't explain but Gavin is not right, if he or she gains 9% in his or her 10 dollars in a year at the end of the year he or she is going to have 19 dollars total. In contrary if he or she has the $10 and He or she is gaining 2.25% quarterly then At The end of the first quarter he or she is going to have 12.25 dollars total. then at the end of the second quarter he or she will have 15 dollars and 12.5 cents because we are apliing the 2.25% to 12.25 dollars no to 10 anymore. if you continue adding the percentage for the two last quarters at the end you will have more a lot more money than yearly