The point mass analysis makes the assumption that all the mass is concentrated at one point, but it does not take into account the shape, only the center of mass, which obviously leads to some inconsistency with the estimation. The equation of point mass analysis approximation is equal to 2𝛑√(r/g) where r is the radius of the center of mass from the center and g is the acceleration to gravity. In my case r was equal to 0.0416 meters and when I did the calculations I got an oscillation time of 0.409 seconds.
Inertial analysis, unlike point mass analysis, takes the whole shape into account. Inertia is basically how much effort is required to rotate something and things with masses far away from their center of rotation would be harder to rotate than those with a mass more concentrated at a point. The formula is shown below and when measuring the distance from the rotation point and the mass of the bolts and pluging in all the values, we get a value of 0.755 seconds.
On Working Model 2D I got an oscillation time of 0.727 seconds, while the real-life oscillation time was approximately 0.7.