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Question 3 ( 4 Marks) A KEY index has three stocks priced at $46, $86, and $112. The number of outstanding shares for each is

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Question 3 ( 4 Marks) A KEY index has three stocks priced at $46, $86, and $112. The number of outstanding shares for each is 700,000 shares, 810,000 shares, and 1,106,000 shares, respectively. If the market value weighted index was 980 yesterday and the prices of the three stocks respectively changed to $46, $82, and $116, calculate the new index value? Show all your calculations. 4 marks

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