USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM

	Number of shares	Closing Prices	(per share)
Companies	outstanding	Day T	Day T + 1
1	2,000	$30.00	$25.00
2	7,000	55.00	60.00
3	5,000	20.00	25.00
4	4,000	40.00	45.00

Refer to Exhibit 4.1. For a value-weighted series, assume that Day T is the base period and the base value is 100. What is the new index value for Day T + 1, and what is the percentage change in the index from Day T?

a. 108.7, 8.7 percent

b. 107.48, 7.48 percent

c. 106.33, 6.33 percent

d. 107.56, 7.3 percent

e. 109.93, 9.93 percent