2003 AMC 8 Problem 11

Business is a little slow at Lou's Fine Shoes, so Lou decides to have a sale. On Friday, Lou increases all of Thursday's prices by 10%. Over the weekend, Lou advertises the sale: "Ten percent off the listed price. Sale starts Monday." How much does a pair of shoes cost on Monday that cost 40 dollars on Thursday?

\textbf{(A)}\ 36\qquad\textbf{(B)}\ 39.60\qquad\textbf{(C)}\ 40\qquad\textbf{(D)}\ 40.40\qquad\textbf{(E)}\ 44

Full credit goes to MAA for authoring these problems. These problems were taken on the AOPS website.