Calculate the new index value

Question

Problem:

A benchmark index has three stocks priced at $27, $50, and $60. The number of outstanding shares for each is 370,000 shares, 445,000 shares, and 593,000 shares, respectively. If the market value weighted index was 800 yesterday and the prices changed to $27, $47, and $63,

Required:

Question: What is the new index value?

1. 790
2. 800
3. 805
4. 795

Note: Explain all calculation and formulas.