A bookstore purchases a set of novels at a cost of \$25 per set. The store initially marks up the selling price to include a 20% profit based on the cost. Later, due to increased demand, the store raises the selling price by \$3. After the price increase, the bookstore's gross profit on each set is what percent of the cost?

Using the formula for initial selling price, Selling Price = Cost Price + (Profit Percentage x Cost Price), the initial price is 25 + (0.20 x 25) = 30. The store then raises this selling price by $3, making the new selling price 33. The gross profit is now 33 - 25 = 8, and applying the profit percentage formula again gives (8 / 25) x 100 = 32%.

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