Framers Insurance Company's financial statements for last year provide the following information: Earned premiums $ 2,500,000 Written premiums $ 2,400,000 Incurred underwriting expenses $ 480,000 Incurred losses (including loss expenses) $ 2,000,000 Which one of the following was Framers' expense ratio last year? Available answer options Select only one option A .16 (16%) B .20 (20%) C .30 (30%) D .33 (33%)