If 16% pa is an annual percentage rate (APR) compounding every quarter, which of the following is NOT correct? All percentages are given to 5 decimal places.

a.

The annual percentage rate (APR) compounding every month is 15.79128%.

b.

Effective quarterly rate is 4.00000% per quarter.

c.

Continuously compounded quarterly rate is 3.92207% per quarter.

d.

Continuously compounded semi-annual rate is 7.84414% per half year.

e.

Effective monthly rate is 1.84756% per month.