Leo Consulting enters into a contract with Highgate University to restructure Highgates processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $51,000 and earn an additional $10,000 if Highgate achieves $100,000 of cost savings. Leo estimates a 60% chance that Highgate will achieve $100,000 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?