1. **State the problem:** Cheng wants to find the selling price that achieves a target margin of 48% given his cost per cabinet is 33. 2. **Formula for margin:** Margin is defined as $$\text{Margin} = \frac{\text{Selling Price} - \text{Cost}}{\text{Selling Price}}$$ We want to find the selling price $P$ such that the margin is 48%, or 0.48. 3. **Set up the equation:** $$0.48 = \frac{P - 33}{P}$$ 4. **Solve for $P$:** Multiply both sides by $P$: $$0.48P = P - 33$$ 5. **Rearrange terms:** $$0.48P - P = -33$$ $$\cancel{0.48P} - \cancel{1P} = -33$$ $$-0.52P = -33$$ 6. **Divide both sides by -0.52:** $$P = \frac{-33}{-0.52}$$ 7. **Calculate:** $$P = 63.46$$ 8. **Interpretation:** To achieve a 48% margin, Cheng should set the selling price to approximately 63.46. **Final answer:** $$\boxed{63.46}$$