To utilize the cash position of assets under management, a portfolio manager enters into a long futures position on the S&P 500 index with a multiplier of 250. The cash position is $15 million with the current futures value of 1000, which requires the manager to long 60 contracts. If the current initial margin is$12500 per contract, and the current maintenance margin is $10000 per contract, what variation margin does the portfolio manager have to advance if the futures contract value falls to 995 at the end of the first day of the position being placed?