A bank quotes an interest rate of 10% pa with semi-annual compounding. Note that another way of stating this rate is that it is an annual percentage rate (APR) compounding every semi-annual. Which of the following statements about this rate is NOT correct? All percentages are given to 5 decimal places.

a. Continuously compounded annual rate is 9.75803% per half year.

b. Continuously compounded semi-annual rate is 4.87902% per quarter.

c. Effective quarterly rate is 5.00000% per semi-annual.

d. The annual percentage rate (APR) compounding every quarter is 8.79902%.

e. Effective quarterly rate is 2.46951% per month.