Investopedia's Return on Investment (ROI) page says:
ROI can be used in conjunction with Rate of Return, which takes in account a project’s time frame
From this I understood that Return on Investment and Rate of Return are different formulas. They are two different measures. But in the Rate of Return (RoR) page, it says:
This simple rate of return is sometimes called the basic growth rate, or alternatively, return on investment, or ROI.
The second quote I have given from Investopedia ROR page contradicts the first quote from the ROI page. Moreover, the word "return on investment" is linked to the ROI page mentioned in the first line.
I am confused. Can anybody confirm that both are the same? If not, what are the formulas for these two measures and the differences between them?