On its most recent annual financial statements, Wilmington Casket Company reported total assets of $750,000, total equity of $519,000, sales of $475,000, net income of $98,000 and interest expense of $12,400. What is the common-size statement value of Wilmington's interest expense?

a.) 0.22 percent

b.) 1.65 percent

c.) 2.61 percent

d.) 9.01 percent

e.) 12.65 percent