14. If 14% pa is an annual percentage rate (APR) compounding semi-annually, which of the following is NOT correct? All percentages are given to 5 decimal places.

a.

Continuously compounded annual rate is 13.53173% per year.

b.

Effective quarterly rate is 3.44080% per quarter.

c.

Effective semi-annual rate is 7.00000% per half-year.

d.

The annual percentage rate (APR) compounding every quarter is 14.79902%.

e.

Continuously compounded semi-annual rate is 6.76586% per half-year.