Question 3 (5 Marks) COW Index is a value weighted index based on 5 largest dairy product manufacturers in the region. Yesterday the stock prices for the five stocks were $10, $15, $30, $50 and $70 respectively. The number of outstanding shares for each is 5,000,000 shares, 6,000,000 shares, 7,000,000 shares, 8,0000,000 shares and 9,000,000 shares, respectively. Suppose that the market value weighted index was 960 yesterday. If the stock prices of the five stocks changed to $9, $13, $31, $50 and $73 today respectively, what is the new index value? Show all your calculations