Problem:
You are given the following total market value for an index over a five-year period. Assuming the index starts at 1,000, calculate the index value each year. (Round your answer to 2 decimal places.)
Market value of the stocks
Year 1: 3,654 million
Year 2: 3,732 million
Year 3: 4,093 million
Year 4: 3,893 million
Year 5: 4,442 million
Note: Explain all steps comprehensively.