Question 540 APR, effective rate, no explanation
Which one of the below statements about effective rates and annualised percentage rates (APR's) is NOT correct?
(a) An effective semi-annual rate could be called: "a six month rate compounding per six months".
(b) An APR compounding semi-annually could be called: "a yearly rate compounding per six months".
(c) An effective monthly rate could be called: "a monthly rate compounding every month".
(d) An APR compounding monthly could be called: "a monthly rate compounding per year".
(e) An effective daily rate could be called: "a daily rate compounding every day".