The initial profit percentage on the sale of an item was 55%. If the cost price of the item went up by 24% but the selling price remained the same, what would be the new profit percentage?

25%

Let            CP                       SP

                100                     155

After increasing CP by 24% and keeping no change in SP

                 CP                       SP

                124                     155

Now the profit = 155 - 124 = 31

Profit percentage =  \(\frac{31}{124}\) × 100= 25%