Effective Interest Rate Formula

Equation for calculate effective interest rate is,

i = ( 1 + ( r / m ) )^m - 1
it = ( 1 + ( r / m ) )^m*t - 1
P=r/m

Where,
i = Effective Interest Rate per Period
r = Nominal Rate per Period
m = Compounding per Period
t = Number of Periods
it = Effective Rate for t Periods
P = Rate per Compounding Interval