Suppose the value of the S&P 500 Stock Index is currently $3,200. a. If the one-year T-bill rate is 4.5% and the expected dividend yield on the S&P 500 is 4.0%, what should the one-year maturity futures price be? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Futures price = _____?

b. What would the one-year maturity futures price be, if the T-bill rate is less than the dividend yield, for example, 3.0%? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Futures price = ______?