Time-Weighted Return practice, computing, multiple

Spongebob

This is from the CFAI practice exam. Why don't you multiple the HPYs and then raise it to the (1/4)? I'm confused here. Thanks!

The time-weighted rate of return is calculated by computing the quarterly holding period returns and linking those returns into an annual return. In this case, the quarterly holding periods are 2.4/2.2 = 1.0909, 2.6/2.8 = 0.9286, 3.2/2.4 = 1.3333, and 4.1/4.2 = 0.9762. The time-weighted return is thus (1.0909