Use this information for Kellman Company to answer the question that follow. The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $610,400 $569,100 Total investments 66,400 43,000 Total property, plant, and equipment 934,400 732,800 Total current liabilities 101,800 87,200 Total long-term liabilities 292,400 235,800 Preferred 9% stock, $100 par 89,400 89,400 Common stock, $10 par 558,100 558,100 Paid-in capital in excess of parCommon stock 67,900 67,900 Retained earnings 501,600 306,500 Using the balance sheets for Kellman Company, if net income is $116,500 and interest expense is $48,000 for Year 2, and the market price of common shares is $31, what is the price-earnings ratio on common stock for Year 2? (Round intermediate calculation and final answer to two decimal places.)

a. 15.98

b. 10.41

c. 1.94

d. 11.13