The Simpson Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2016, Simpson began work on a construction contract. Information on this contract at the end of 2016 is as follows:

Cost incurred during the year	$1,500,000
Estimated additional cost to complete	6,000,000
Gross profit recognized in 2016	250,000

What is the contract price (total revenue) on this contract?