Once you blow out the idea that the equations themselves aren't really "equations" (in no base ten math scenario is "2+5=12") you kind of have free reign. I was the first to vote (though I didn't post) and immediately said "more than one answer".
There's the aforementioned 40, 96, and 52, but, once you start making assumptions and adding in variables (as with the "n" to get to 52) you can go basically anywhere. There is rationale for 32 and there is another, different, rationale for 96 as well.
Now here's an EASY question for you: what's the most logical equation BEFORE "1+4=5"?