Suppose the value of the S&P 500 stock index is currently 2,000.

a. If the 1-year T-bill rate is 3% and the expected dividend yield on the S&P 500 is 2%, what should the 1-year maturity futures price be?

b. What if the T-bill rate is less than the dividend yield, for example, 1%?

The T-bill rate is less than the dividend yield, then the futures price should be