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if erin company had net income of $300,000 in 2021 and it experienced a 24.5% increase in net income for 2022, what is its net income for 2022?

Sagot :

ayune

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

Learn more about percentage here:

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