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CAGR calculator in Excel

Every Excel formula you need for compound annual growth rate — power formula, RRI, exact dates and monthly CAGR — plus a free template and an online calculator that writes the formula for you.

Time period
years
months
%

 

—per year

Total return
—
—
Monthly CAGR
—
Compounded each month
Real CAGR
—
 
Doubling time
—
At this growth rate
Value over timeHover or tap the chart for any year

Your numbers in the formula

Same result in Excel / Sheets

Year-by-year growth table
Value at the end of each year at the calculated CAGR
PeriodValueGain that yearCumulative

Excel CAGR formulas at a glance

These assume the starting value in B1, ending value in B2, years in B3, CAGR in B4, inflation in B5, and dates in D1 and D2.

What you wantFormula
CAGR (power formula)=(B2/B1)^(1/B3)-1
CAGR with RRI=RRI(B3,B1,B2)
CAGR between two dates=(B2/B1)^(365.25/(D2-D1))-1
CAGR with YEARFRAC=(B2/B1)^(1/YEARFRAC(D1,D2,1))-1
Monthly CAGR=(1+B4)^(1/12)-1
Reverse CAGR (future value)=B1*(1+B4)^B3
Real CAGR after inflation=(1+B4)/(1+B5)-1

Step by step: build a CAGR calculator in Excel

  1. Type Starting value, Ending value and Years as labels in A1:A3 and your numbers in B1:B3.
  2. In A4 type CAGR, and in B4 enter =RRI(B3,B1,B2).
  3. Select B4 and press Ctrl+Shift+% to format it as a percentage.
  4. Optionally add =(1+B4)^(1/12)-1 for the monthly CAGR.

For $10,000 growing to $25,000 in 5 years, both the power formula and RRI return 20.11% — the same result as the online CAGR calculator.

Download the free CAGR Excel template

Download the CAGR calculator template — it opens in Excel, Google Sheets, LibreOffice and Numbers, with live formulas for CAGR, RRI, monthly CAGR, real CAGR, doubling time and a year-by-year growth table. Or use “Download for Excel” in the calculator above to get the same file pre-filled with your own numbers.

Common Excel mistakes

  • Forgetting the brackets. =B2/B1^(1/B3)-1 raises only B1 to the power. Wrap the division: (B2/B1).
  • Counting data points instead of years. Six year-end prices from 2019 to 2024 span five years, not six.
  • Using AVERAGE of yearly returns. That is the arithmetic mean, which overstates growth when returns vary. CAGR is the geometric mean.

Tracking a whole portfolio in a spreadsheet? Measure each asset class’s CAGR separately, then check whether drift has pulled you away from your target mix and rebalance when it has.

CAGR in Excel questions

What is the CAGR formula in Excel?

With the starting value in B1, ending value in B2 and years in B3: =(B2/B1)^(1/B3)-1. Format the cell as a percentage.

What does the RRI function do?

RRI(nper, pv, fv) returns the equivalent interest rate for an investment to grow from pv to fv over nper periods — which is exactly CAGR when the periods are years. It is available in Excel 2013 and later and in Google Sheets.

How do I calculate CAGR between two dates in Excel?

Use =(End/Start)^(365.25/(EndDate-StartDate))-1, or =(End/Start)^(1/YEARFRAC(StartDate,EndDate,1))-1 for an actual/actual day count.

Why does Excel show #NUM! for my CAGR?

The starting value is zero or negative, or the ending value is negative. CAGR is only defined for a positive starting value and a non-negative ending value.

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