Suppose that the value of the S&P 500 stock index is 1,188. The contract multiplier is $360.

a.	If each futures contract costs $36 to trade with a discount broker, how much is the transaction cost per dollar of stock controlled by the futures contract? (Round your answer to 4 decimal places. Omit the "%" sign in your response.)

Transaction cost per dollar

%

b.	If the average price of a share on the NYSE is about $51, how much is the transaction cost per typical share controlled by one futures contract? (Round your answer to 5 decimal places. Omit the "$" sign in your response.)

Transaction cost per share

$

c.	For small investors, a typical transaction cost per share in stocks directly is about 26 cents per share. How many times the transactions costs in futures markets is this? (Round your answer to 2 decimal places.)

Number of times

times