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 $625,547 $574,993 Total investments 65,420 41,816 Total property, plant, and equipment 907,325 731,179 Total current liabilities 114,348 88,881 Total long-term liabilities 292,394 225,224 Preferred 9% stock, $100 par 96,633 96,633 Common stock, $10 par 539,044 539,044 Paid-in capital in excess of par-common stock 61,846 61,846 Retained earnings 494,027 336,360 Using the balance sheets for Kellman Company, if net income is $109,283 and interest expense is $34,327 for Year 2, and the market price of common shares is $46, what is the price-earnings ratio on common stock for Year 2 (rounded to two decimal places)? Oa. 9.82 Ob. 24.60 Oc. 9.75 Od. 1.87