You find an investment that offers an interest rate of 6.2% pa, payable quarterly. 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 30 days in a month.

a.

The APR compounding monthly is 6.1682% per annum.

b.

The effective monthly rate is 0.4250% per month.

c.

The effective 6-month rate is 3.1240% per six months.

d.

The APR compounding quarterly is 6.2000% per annum.

e.

The effective annual rate is 6.3456% per annum.