4. Value-Weighted Index (LO4, CFA2) An analyst gathered the following data about Stocks J, K, and L, which together form a value-weighted index:

December 31, Year 1 December 31, Year 2 Stock Price Shares Outstanding Price Shares Outstanding J $40 10,000 $50 10,000 K 30 6,000 20 12,000*
L 50 9,000 40 9,000 The ending value-weighted index (base index = 100) is closest to:

a. 92.31

b. 93.64

c. 106.80

d. 108.33