Conversion of 1- month effective interest rate to 6-month effective interest rate [closed]

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.

Any help is appreciated, I am having a hard time figuring out all the subtleties with interest rate.

closed as off-topic by LocalVolatility, Helin, Bob Jansen♦Jan 29 '18 at 9:00

This question appears to be off-topic. The users who voted to close gave this specific reason:

• "Basic financial questions are off-topic as they are assumed to be common knowledge for those studying or working in the field of quantitative finance." – LocalVolatility, Helin, Bob Jansen
If this question can be reworded to fit the rules in the help center, please edit the question.

• I am voting to close this question for being too basic as per quant.stackexchange.com/help/on-topic. This topic is covered in the early chapters of most introductory textbooks such as Hull's "Options, Futures and Other Derivatives" or Sundaresan's "Fixed Income Markets and Their Derivatives". – LocalVolatility Jan 28 '18 at 1:38

If we consider your example of an effectife interest rate of $1\%$ for one month, this would mean that $100\$$would grow to 100* (1+0.01) = 101\$$ after one month For six months you would have six compounding periods, such that$100\$$would grow to 100 *(1+0.01)^6 = 106.152\$$.
This means that the six month effective interest rate is indeed $6.152\%$: $106.152\$ = 100 * (1+0.06152)^1\.