Company Shares Outstanding Share Price on January 1, 2021 Share Price on January 1, 2022

Anchovy Airlines

Company Shares Outstanding- 300 million

Share Price on January 1, 2021 -$62.00

Share Price on January 1, 2022- $70.00

Manatee Motors

Company Shares Outstanding - 400 million

Share Price on January 1, 2021-$33.33

Share Price on January 1, 2022- $39.50

Hammerhead Construction

Company Shares Outstanding-200 million

Share Price on January 1, 2021-$235.50

Share Price on January 1, 2022-$211.00

Porpoise Pharmaceuticals

Company Shares Outstanding - 900 million

Share Price on January 1, 2021-$18.75

Share Price on January 1, 2022-$44.00

Tuna Technologies

Company Shares Outstanding-900 million

Share Price January 1, 2021-$199.00

Share Price January 1, 2022-$312.00

a) The PICAN (Price-Weighted Index of Companies with Aquatic Names) is a price- weighted stock index, comprised of the five companies shown above. None of the companies pay dividends. The divisor for the ICAN is 0.20. Calculate the value of the PICAN on January 1, 2021. Calculate the value of the PICAN on January 1, 2022. Calculate the rate of return for the PICAN over this period.

b) The VICAN (Value-Weighted Index of Companies with Aquatic Names) is a value- weighted stock index, comprised of the five companies shown above. None of the companies pay dividends. The divisor for the VICAN is 100 million. Calculate the value of the VICAN on January 1, 2021. Calculate the value of the VICAN on January 1, 2022. Calculate the rate of return for the VICAN over this period.