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A dealership sets car prices so that there is a 40% profit. If the dealership paid $5300 for a car how much would the sell it for?

I can't answer this problem please help. I need to know this to help me understand something we are doing in class.

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Jim S. | Physics (and math) are fun, reallyPhysics (and math) are fun, really
4.7 4.7 (195 lesson ratings) (195)
    If we let:
P=  selling price of the car
C= cost of the car to the dealer
Then the profit is P-C and the percent profit is 100*(P-C)/P and this is 40% so we have to solve
(P-C)=.4P so .6P=C or P=C/.6 we know C=5300 so P=8,833.33 is the price that will yield a 40% profit.