SOLUTION: A merchant made 35% profit on the cost of a radio when he sold it for $54. What was his cost for the radio ?

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Question 800730: A merchant made 35% profit on the cost of a radio when he sold it for $54. What was his cost for the radio ?
Answer by ortarico(23) About Me  (Show Source):
You can put this solution on YOUR website!
Denote the cost price as 'cp'
Using the %profit formula: 35 = p/cp * 100
NB: p = sp - cp and sp = 54
35 = (54 - cp)/cp * 100
clearing bracket :
35 = 5,400 - 100cp/cp
cross multiply :
35cp = 5,400 - 100cp
collect like terms:
35cp + 100cp = 5,400
135cp = 5,400
cp = 40
cost of radio is $40