As part of the acquisition agreement, Gamma Corporation agrees to pay the former shareholders of Delta Company $1.5 in cash for every dollar of gross revenues above $50,000,000 reported by Delta at the end of the first year following acquisition. Gamma projects the following outcomes for the year:

Gross revenues	Probability
$40,000,000	0.15
$50,000,000	0.25
$60,000,000	0.30
$70,000,000	0.20
$80,000,000	0.10

Required: Using a 12 percent discount rate, what is the appropriate value to be reported as an earnings contingency liability on Gamma’s books at the date of acquisition?