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 8%. What was its profit on the items sold in February? Choose the correct choice:
A) 27.5 %	B) 30 %	C) 35 %	D) 37.5 %	E) 38 %

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 = 0.92 * 150 x = 138 x hence total profit = 38 % option e"
Answer: E