A particular store purchased a stock of turtleneck sweaters and marked up its cost by 20%. During the New Year season, it further marked up its prices by 25% of the original retail price. In February, the store then offered a discount of 12%. What was its profit on the items sold in February?
Select the correct option
A) 27.5 % B) 32 % C) 35 % D) 37.5 % E) 40 %

Rationale: "assume the total price = 100 x price after 20 % markup = 120 x price after 25 % further markup = 1.25 * 120 x = 150 x price after the discount = 0.88 * 150 x = 132 x hence total profit = 32 % option b"
Answer: B