Consider the three stocks in the following table. $P_t$ represents price at time $t$, and $Q_t$ represents shares outstanding at time $t$. Stock C splits two for one in the last period. <image 1> Calculate the rate of return for the second period ($t=1$ to $t=2$)
['0', '1.23%', '2.38%', '3.57%']
The return is zero. The index remains unchanged because the return for each stock separately equals zero.