The fact that this rate is on 4year GIC's has nothing to do with solution.

The question can be simplified to:

what annually compounded rate and what monthly compounded rate

is equivalent to 5.3% compounded semiannually?

5.3 cpd s/a = (1 + .053/2)^2 - 1 = 1.05370225 - 1 = .0537 :

that's 5.37% annually (approximately).

For monthly, you need a rate that achieves 5.37 when compounded 12 times:

(1 + r/12)^12 = 1.0537

1 + r/12 = 1.0537^(1/12)

r/12 = 1.0043685 - 1

r/12 = .0043685

r = .052422 : 5.24% (approximately)

SO: both 5.37 cpd annually and 5.24 cpd monthly = 5.3 cpd semiannually.

Ya'll ok with that?