Ramos Company included the following information in its annual report:

	Year 2	Year 1	Year 0
Sales	$178,400	$162,500	$155,500
Cost of goods sold	115,000	102,500	100,000
Operating expenses	50,000	50,000	45,000
Net income	13,400	10,000	10,500

Refer to the information for Ramos Company. In a common size income statement for Year 2, the operating expenses are expressed as:

a. 28.0%

b. 43.8%

c. 30.3%

d. 100%