Suppose that the value of the S&P 500 stock index is 1,209.

a. If each E-mini futures contract (with a contract multiplier of $50) costs $45 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 $60, 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 35 cents per share. How many times the transactions costs in futures markets is this? (Do not round your intermediate calculations. Round your answer to 2 decimal places.)