Use this information for Kellman Company to answer the question that follow.

The balance sheets at the end of each of the first 2 years of operations indicate the following:

Kellman Company
	Year 2	Year 1
Total current assets	$618,600	$554,500
Total investments	63,000	48,100
Total property, plant, and equipment	929,600	783,200
Total current liabilities	101,400	86,400
Total long-term liabilities	303,500	228,600
Preferred 9% stock, $100 par	86,800	86,800
Common stock, $10 par	576,700	576,700
Paid-in capital in excess of parCommon stock	63,200	63,200
Retained earnings	479,600	344,100

Using the balance sheets for Kellman Company, if net income is $108,900 and interest expense is $40,200 for Year 2, and the market price of common shares is $38, what is the price-earnings ratio on common stock for Year 2? (Round intermediate calculation and final answer to two decimal places.)

a. 9.95

b. 21.71

c. 1.75

d. 9.56