An index consists of the following securities and has an index divisor of 3.0. What is the price-weighted index return?

StockShares OutstandingBeginning Share PriceEnding Share Price

A4,000$21$16

L1,000$49$61

S3,000$37$38

A)-4.76 percent

B) -2.05 percent

C) 3.09 percent

D) 5.17 percent

E) 7.48 percent