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Calculate the contract price based on the expected value

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On Jan 1, Consulting Group entered into a contract to because of a cost reduction program for Greenfield Group over a a 6 month period. Consulting Group will receive a $58.4k fee from Greenfield Group at the end of each month for 6 months. If total cost savings reach a specific target, Consulting Group will receive an additional $29k bonus from Greenfield Group at the end of the contract .

Consulting Group estimates an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value of future payments to be received.

Reference no: EM132315509

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