The term "Annualised" is used to describe the returns on an investment on a year by year basis. For example: If a 3 year investment promises a 30% return over 3 years - the annualised return is "10% annualised" (even though the gains in year one might be 15%, year two 10% and year three 5%). Not to be confused with P/A or "per annum" - which is a fixed yearly figure.
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