Brief Exercise $6-14($Algo$)$ Variable consideration $[$LO$6-6]$

Leo Consulting enters into a contract with Highgate University to restructure Highgate$$s processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $$36,000$ and earn an additional $$7,000$ if Highgate achieves $$70,000$ of cost savings. Leo estimates a $50\%$ chance that Highgate will achieve $$70,000$ of cost savings.

Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract?