35. A review of Woerhle Insurance Company financial statements reveals the following:
• Incurred Losses - $12,000,000
• Loss Adjustment Expenses - $1,000,000
• Earned Premiums - $26,000,000
• Incurred Underwriting Expenses - $10,000,000
• Written Premiums - $40,000,000
What is the loss ratio for Woerhle Insurance Company?