The PLAY Index is a price weighted stock index based on the 5 largest toy and game manufacturers in the nation. The following chart shows the prices and shares outstanding for each of the five companies at year-end for 2015 and 2016. The initial divisor for the index is 100.

Stock	Shares(Millions)	Share Price Dec31, 2015	Share Price Dec31, 2016
Linka Logs	1200	$20	$18
Silly	600	$40	$42
Hula	900	$48	$60
Tatell	900	$106	$110
Bent	1400	$70	$70

a) Calculate the rate of return on the PLAY index over 2016.

b) At the end of 2016, Linkna Logs was dropped from the index, and was replaced by Loggle Corporation. Loggles share price was $166 at the time. Calculate the new divisor for the index.

c) Suppose the PLAY index was a value-weighted index instead of a price-weighted index. If so, what would be the rate of return over 2016?