Question: Convert 6% simple annual rate into annual rate, compounded monthly.

I get the FV of $1 in one year = 1(1+r)^1 = 1.06

Then I have to find what interest rate on a monthly timeline would make the FV of $1 = 1.06

I get 1(1+r)^12 = 1.06 as the equation

I get down to r^12 = 1.06 but can't seem to figure out the process to solve for that.