Use the following information to answer Questions 14-18. The table below reports the closing market prices (P) and shares outstanding (SO) for two stocks: ABC and XYZ. Note that stock XYZ has a 3 for 1 stock split which may, or may not, impact index construction. What divisor would we use for the First, Second, and Third Periods in constructing the Value-Weighted Index?

Period ABC XYZ

P SO P SO

1 45.00 110 112.00 300

2 47.00 110 119.00 300

3 49.00 110 41.33 900

a. 25,747

b. 38,550

c. 39,901

d. 42,587