The S&P 500 Index is currently at 1,500. You manage a $18 million indexed equity portfolio. The S&P 500 futures contract has a multiplier of $250.
If T-bills pay 2.0% per six months and the semiannual dividend yield is 1.8%, what is the parity value of the futures price? (Round your answer to 2 decimal places. Do not round intermediate calculations.)