To calculate the AGR result in Microsoft Excel by using the formula shown in the "Summary" section of this article, follow these steps:

- Open a new workbook in Excel.
- Type the following column titles in the worksheet:
A1: FV B1: PV C1: N D1: M E1: AGR

- Type the following formula in cell E2:
=((A2/B2)^(1/C2))^D2-1

- For the following examples, drag cell E2 to fill the "AGR" column to at least E3.

### Example 1

Assume an investment where FV=$120,000, PV=$10,000, n=120 periods, and
m=12 periods/year. Type these values in the worksheet as follows:

A2: 120000 B2: 10000 C2: 120 D2: 12

The formula in cell E2 calculates = .282089 (an AGR of 28.21% per year).

### Example 2

Assume an investment where FV=$120,000, PV=$10,000, n=8 periods, and m=1
period/year. Type these values in the worksheet as follows:

A3: 120000 B3: 10000 C3: 8 D3: 1

The formula in cell E3 calculates = .364262 (an AGR of 36.43% per year).