Tasa de crecimiento anual compuesto 1

Tasa de crecimiento anual compuesto

La tasa de crecimiento anual compuesto (TCAC o también CAGR, Compound annual growth rate, en inglés) es un
término específico de negocios e inversión para la ganancia anualizada lisa de una inversión sobre un periodo dado
de tiempo[1]
La CAGR no es un término contable, pero se usa ampliamente, particularmente en industrias en crecimiento o para
comparar las tasas de crecimiento de dos inversiones, debido a que la CAGR modera el efecto de volatilidad de
retornos periódicos que pueden hacer irrelevantes las medias aritméticas. La CAGR se utiliza frecuentemente para
describir el crecimiento sobre un periodo de tiempo de algunos elementos del negocio, por ejemplo, ingresos,
unidades entregadas, usuarios registrados, etc.

Fórmula

• : valor inicial, : valor final, : número de años.

• Se pueden usar efectos reales o valores normalizados para calcular el tiempo que conserva la misma proporción
matemática.
• El CAGR también se puede calcular como la media geométrica de los equivalentes decimales multiplicadores (es
decir, 3% se convierte en 1,03 y -2% se convierte en 0,98) de los cambios individuales período-sobre-período.[2]

Referencias
[1] http:/ / www. investopedia. com/ terms/ c/ cagr. asp
[2] http:/ / www. buzzardsbay. org/ geomean. htm#negative_values
Fuentes y contribuyentes del artículo 2

Fuentes y contribuyentes del artículo

Tasa de crecimiento anual compuesto  Fuente: http://es.wikipedia.org/w/index.php?oldid=70604784  Contribuyentes: Basquetteur, GlimmerPhoenix, Jmvgpartner, Magister Mathematicae,
Nudecline, Ruben190478, SchmidtCristian, 5 ediciones anónimas

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Compound annual growth rate 1

Compound annual growth rate

Compound annual growth rate (CAGR) is a business and investing specific term for the geometric progression
ratio that provides a constant rate of return over the time period. [1] [2] CAGR is not an accounting term, but it is
often used to describe some element of the business, for example revenue, units delivered, registered users, etc.
CAGR dampens the effect of volatility of periodic returns that can render arithmetic means irrelevant. It is
particularly useful to compare growth rates from different data sets such as revenue growth of companies in the same
industry. [3]

Formula

• : start value, : finish value, : number of years.

• Actual or normalized values may be used for calculation as long as they retain the same mathematical proportion.

Example
In this example, we will compute the CAGR over three periods. Presume that the year-end revenues of a business for
four years, V(t) in above formula, have been:

Year-End 2004 2005 2006 2007

Year-End Revenue 9000 10000 12000 13000

= 2007 - 2004 = 3
Therefore, to calculate the CAGR of the revenues over the three-year period spanning the "end" of 2004 to the "end"
of 2007 is:

- it's a smoothed grow per year

Verification:
Multiply the initial value (2004 year-end revenue) by (1 + CAGR) three times (because we calculated for 3 years).
The product will equal the year-end revenue for 2007. This shows the compound growth rate:

For n = 3:

For comparison:
• the Arithmetic Mean Return (AMR) would be the sum of annual revenue changes (compared with the previous
year) divided by number of years, or:

In contrast to CAGR, you cannot obtain by multiplying the initial value, , three times by (1 + AMR)
(unless all annual growth rates are the same).
• the Arithmetic Return (AR) or simple return would be the ending value minus beginning value divided by the
beginning value:
Compound annual growth rate 2

Applications
These are some of the common CAGR applications:
• Calculating and communicating the average returns of investment funds[4]
• Demonstrating and comparing the performance of investment advisors
• Comparing the historical returns of stocks with bonds or with a savings account
• Forecasting future values based on the CAGR of a data series (you find future values by multiplying the last
datum of the series by (1 + CAGR) as many times as years required). As every forecasting method, this method
has a calculation error associated.
• Analyzing and communicating the behavior, over a series of years, of different business measures such as sales,
market share, costs, customer satisfaction, and performance.

References
[1] http:/ / books. google. com/ books?id=LKj39XK-ufsC& pg=PA489& dq=geometric+ mean+ CAGR& hl=en& sa=X&
ei=H0fbUdaPBYapyAHM6oGoBQ& ved=0CC8Q6AEwAA#v=onepage& q=geometric%20mean%20CAGR& f=false
[2] http:/ / www. investopedia. com/ terms/ c/ cagr. asp
[3] http:/ / books. google. com/ books?id=gLEqXqZyW00C& pg=PA185& dq=cagr& hl=en& sa=X& ei=QkrbUYibGOmoyAHm74DgCA&
ved=0CDkQ6AEwAQ#v=onepage& q=cagr& f=false
[4] http:/ / www. 12manage. com/ methods_cagr. html
Article Sources and Contributors 3

Article Sources and Contributors

Compound annual growth rate  Source: http://en.wikipedia.org/w/index.php?oldid=602795251  Contributors: Aboros, Antonioavmelo, Azamishaque, Berland, Bfinn, CConnor, Canley, Charles
Matthews, Corneydavid, Csantore, Digisus, Dmcq, Dmoss, Doctorfluffy, Ehn, Elonka, Endomion, Feco, Forthangol, Gregalton, Ido50, Imyoung, Ish ishwar, Joefu, JohnBlackburne,
Karenmharvey, Kinu, Kurruu, LAAFan, Lenaic, Ludovicwindsor, LuisVillegas, MER-C, Marcus.peixoto, Mr Minchin, Nbarth, Nudecline, Passportguy, Retail Investor, Robbie1949, Sgschow,
Shawn in Montreal, Soma7442, Tabletop, Thiyagi, Vivo78, Wackywace, Zinnmann, 141 anonymous edits

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