To evaluate \( \frac{3^2}{4^3} \), we first calculate the values of \( 3^2 \) and \( 4^3 \).
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Calculate \( 3^2 \): \[ 3^2 = 3 \times 3 = 9 \]
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Calculate \( 4^3 \): \[ 4^3 = 4 \times 4 \times 4 = 16 \times 4 = 64 \]
Now we can substitute these results back into the fraction: \[ \frac{3^2}{4^3} = \frac{9}{64} \]
Since \( 9 \) and \( 64 \) have no common factors, \( \frac{9}{64} \) is already in its simplest form.
Thus, the final answer is: \[ \boxed{\frac{9}{64}} \]