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