Calculate the value of a six-month futures contract on a Treasury bond. You have the following information: (Do not round intermediate calculations. Round your answer to 3 decimal places.)

• Six-month interest rate: 8% per year, or 3.90% for six months.
• Spot price of bond: 90.25.
• The bond pays a 6% coupon, 3.00% every six months.

What is the contract value?