I would like to be able to calculate the interest rate that is compounded for a given total interest rate, and number of compounding events.
TotalInterestRate = ((1+CompoundingRate/#CompoundingEvents)^#CompoundingEvents)-1
Basically would like to solve this equation for Compounding Rate.
For a more concrete example, calculating the Monthly Interest Rate from a given APY. The formula for APY given a Monthly Interest Rate would then be.
APY = ((1+InterestRate/12)^12)-1
What would be a good way to go about solving this equation?