The equivalent quarterly interest rate is 2.25%. The annual interest is converted quarterly by dividing the annual rate by 4.
Simple interest is a notion employed in various industries, including banking, finance, and automobiles.
Gavin put money into his savings account, which is compounded annually at an interest rate of 9%
The corresponding quarterly interest rate is, 2.25%.
The annual interest is converted quarterly as;
[tex]\rm n= \frac{9}{4} \\\\ n= 2.25\%[/tex]
Hence, the equivalent quarterly interest rate is 2.25%.
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