Answer
The engine's average power output is $9.30\times 10^5~Watts$
Work Step by Step
We can find the drag racer's change in kinetic energy:
$KE = \frac{1}{2}mv^2 = \frac{1}{2}(500.0~kg)(125~m/s)^2 = 3.906\times 10^6~J$
The engine does this much work in a time of 4.2 seconds. We can find the power output:
$Power = \frac{Energy}{Time} = \frac{3.906\times 10^6~J}{4.2~s} = 9.30\times 10^5~Watts$
The engine's average power output is $9.30\times 10^5~Watts$.