A bank term deposit offers an interest rate of 4.8% pa, payable monthly. Which of the following statements about the interest rate is NOT correct? All rates are given to four decimal places. Assume 12 months in a year, and 365 days in a year.

a.

The effective daily rate is 0.0131% per day.

b.

The APR compounding monthly is 4.8000% per annum.

c.

The APR compounding daily is 4.7907% per annum.

d.

The effective 6 month rate is 2.4000% per six months.

e.

The effective annual rate is 4.9070% per annum.