Serena Williams enters into an endorsement contract with Nike to wear their products in her tennis matches. She receives a fixed fee of $1,000,000. She will receive an additional $500,000 if she performs well enough to compete in the final match at the Wimbledon tournament. Serena estimates there is a 70% probability that she will compete in the final match at Wimbledon. If Serena estimates variable consideration according to the most likely amount method, what is the estimated transaction price of this contract