Erin company had net income of $300,000 in 2021. In 2022, the net income increased 24.5%. Its net income in 2022 was $373,500
Percentage is a fraction of a hundred. For example,
20% = 20/100
The formula to calculate percentage is:
value/total value x 100%
An increment is usually expressed in percentage. Suppose the current net income is Q and next year the net income will increase by p%, then:
next year net income = :current net income + r % increment
next year net income = :Q + r % x Q
Parameters given:
Q = $300,000
r = 24.5%
Hence,
next year net income = 300,000 + 24.5% x 300,000
next year net income = 300,000 + 73,500
next year net income = 373,500
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