Explanation:
If the original price of an item was 40 and it has been reduced by 55%, we can calculate the new price as follows:
Calculate the amount of the discount: 40 * 0.55 = 22
Subtract the discount from the original price: 40 - 22 = 18
Therefore, the price of the item now is 18.
So, the item's price has been reduced from 40 to 18, which represents a discount of 55%.