talking about accumulation factors in introduction to financial math, for compund interest accumulation factor, we have
(1+ i) ^t = (1+i_m)^(T_m)
where i_m means interest expressed in months
and T_m time in month
Then it says T_m= t x m
why? I mean 1 month= 1 year/12 that is T_m= t / m
I am getting confused. Thanks for all your help.