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?

A) 16% (0.16)
B) 20% (0.20)
C) 30% (0.30)
D) 33% (0.33)