Step 1: Concept For association of $n$ molecules into one ($nXY \rightarrow (XY)_{n}$), the van't Hoff factor is $i = 1 - \alpha(1 - \frac{1}{n})$, where $\alpha$ is the degree of association.
Step 2: Meaning "Second order association" means $n = 2$ (dimerization).
Step 3: Analysis Given $i = 0.88$ and $n = 2$, we set up the equation: $0.88 = 1 - \alpha(1 - \frac{1}{2})$. This simplifies to $0.88 = 1 - \frac{\alpha}{2}$. Rearranging: $\frac{\alpha}{2} = 1 - 0.88 = 0.12$. Thus, $\alpha = 0.24$.
Step 4: Conclusion Converting to percentage: $0.24 \times 100 = 24%$.
Final Answer: (D)