The following three defense stocks are to be combined into a stock index in January 2016 (perhaps a portfolio manager believes these stocks are an appropriate benchmark for his or her performance). Assume the index is scaled by a factor of 10 million; that is, if the total value of all firms in the market is $5 billion, the index would be quoted as 500. Price 1/1/16 Shares (millions) 210 450 350 Douglas McDonnell Dynamics General International Rockwell $ 94 1/1/17 $ 97 31 54 1/1/18 $111 45 68 36 65 a. Calculate the initial value of the index if a value-weighting scheme is used. (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Index value 6,443.00 b. What is the rate of return on this index for the year ending December 31, 2016? For the year ending December 31, 2017? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Answer is not complete. 6,443.00 % 2016 return 2017 return %