14. Consider the following security information for four securities making up an index:

Security Price Time = 0 Price Time = 1 Shares Outstanding (millions) 1 8 13 20 2 22 25 50 3 35 30 120 4 50 55 75 What is the change in the value of the index from Time = 0 to Time = 1 if the index is calculated using a value-weighted arithmetic mean?