I am given that the monthly effective interest rate is $1\%$ and I would like to find the 6 month effective interest rate for a problem.
I used the formula $r_e=(1+r)^\frac{m}{n}-1=(1+.01)^\frac{12}{2}-1=.0615=6.15\%$
Since I am going from effective to effective interest, I am unsure if I should still use the effective interest formula. Or if this form of the formula is correct. Do I just multiply $1\%$ by $6$?
Any help is appreciated, I am having a hard time figuring out all the subtleties with interest rate.