OpenStudy (troy121101):
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.
OpenStudy (wanell):
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.
OpenStudy (troy121101):
is that copied?
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