How do you calculate CAGR In Excel 2003 with no initial cost?

[Guest]

I am trying to work out the compound anual growth rate of sales.

I have two values, and two dates. There is no initial outlay as I am only
looking at the sales revenue, so I cannot get the XIRR function to work

 

[Guest]

Divide the later sales figure by the earlier sales figure and raise the
result to one over the number of years

As an example:

Sales of 500 in 2002, in cell A2
Sales of 750 in 2004, in cell A3

Format A4 as Percent and use this formula

=(A3/A2)^(1/2)-1

gives you 22.47%