An analyst gathered the following data about stocks J. K. L which together form a value weighted index:

December 31, Year 1 December 31, Year 2

Stock Price Shares outstanding Price Shares Outstanding

J 50 10,000 $60 10,000

K 40 8,000 $30 16,000

L 50 12,000 $40 12,000

Calculate the ending value-weighted index (base index = 100), and briefly explain what it means. Provide your answer up to 2 decimal points.