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Consider a hypothetical equal-weighted index created using the three stocks below: Stock Price o n 1/28/21 Price o n 7/28/21 Outstanding Shares (mil) on 1/18/21

Consider a hypothetical equal-weighted index created using the three stocks below:

Stock

Price on 1/28/21

Price on 7/28/21

Outstanding Shares (mil) on 1/18/21

Outstanding Shares (mil) on 7/28/21

A

$80 $67 5000 5000

B

100 112 2500 2500

C

50 60 6000 6000

None of the stocks pay dividends.

On 1/28/21, as a young asset manager, you were asked by a client to create a portfolio to track the said three-stock equal-weighted index. You did exactly as ask and created this tracking portfolio with an initial investment of $31,000.

On 7/28/21, you conducted a routine re-balance in order to reset the portfolio weights to equal weights. How many shares of Stock A did you need to buy?

Round your answer to the nearest whole number.

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