I have found a monthly interest rate, 0.72%
Now, I would like to convert this monthly rate to:
- Equivalent annual nominal rate of interest payable half yearly, and
- Equivalent annual nominal rate of interest payable weekly
For 1. I used (i12 + 1)^6 - 1 so (0.72+1)^(6)-1 = 4.41%
and 2. I used (i12 + 1)^0.230137 = (0.72+1)^(0.230137)-1 = 0.17%
Is this the correct approach?
Thanks for any assistance.