In October 2021, a major restaurant chain reported its third-quarter net income of $2.75 billion, an increase from $1.76 billion a year earlier. What was the percentage of increase in the restaurant chain’s net income for this quarter? Round the answer to the nearest percentage point.

Answer 1

To calculate the percentage increase in net income, we need to find the difference between the current and previous net income, divide it by the previous net income, and then multiply by 100.

Difference in net income = $2.75 billion - $1.76 billion = $0.99 billion

Percentage increase = ($0.99 billion / $1.76 billion) x 100

= 0.5625 x 100 ≈ 56%

Therefore, the percentage increase in the restaurant chain's net income for this quarter is approximately 56%.