Milly Jaeger, a private investor, would like to invest in the stock market, but does not have sufficient funds for the next two months. Thus, Jaeger buys an S&P 500 futures contract with a September settlement date when the S&P 500 index is at the level of 1,750. The value of the S&P 500 index futures contract is $__________________.

425,000 437,500 875,000 850,000 none of the above