Suppose that the value of the S&P 500 stock index is 1,170. a. If each E-mini futures contract (with a contract multiplier of $50) costs $30 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 5 decimal places.)

b. If the average price of a share on the NYSE is about $45, how much is the transaction cost per typical share controlled by one futures contract? (Round your answer to 5 decimal places.)

c. For small investors, a typical transaction cost per share in stocks directly is about 20 cents per share. How many times the transactions costs in futures markets is this?