A bank quotes an interest rate of 12% pa with monthly compounding. Note that another way of stating this rate is that it is an annual percentage rate (APR) compounding every month. Which of the following statements about this rate is NOT correct? All percentages are given to 5 decimal places.

a. Effective semi-annual rate is 6.15202% per semi-annual.

b. Effective monthly rate is 1.00000% per month.

c. Continuously compounded monthly rate is 0.89958% per month.

d. Continuously compounded quarterly rate is 2.98510% per quarter.

e. The annual percentage rate (APR) compounding semi-annually is 12.30403%.