Nair A.G. enters into a contract with a customer to build an apartment building for €1,000,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of €150,000 to be paid if the building is ready for rental beginning August 1, 2023. The bonus is reduced by €50,000 each week that completion is delayed. Nair commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes:

Completed by ................... Probability
August 1, 2023 .......................... 70%
August 8, 2023 .......................... 20
August 15, 2023 .......................... 5
After August 15, 2023 ................ 5

Determine the transaction price for this contract.