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At 12:20 EST on November 18, 2019, the spot price for the S&P500 index was 3,120.87. There is a futures contract on the S&P500 that

At 12:20 EST on November 18, 2019, the spot price for the S&P500 index was 3,120.87. There is a futures contract on the S&P500 that matures on March 20, 2020 (~4 months maturity) with a price of $3,122.08. The current USD risk free rate for 4 months is 1.91% (APR).

What is the expected PV of dividends for the S&P500 index over the next 4 months based upon there being no arbitrage between the current spot contract and March 2020 futures contract.

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