Greenback Sporting, a retailer of outdoor wear and sporting equipment, is investigating an opportunity to purchase Active Lifestyle Inc. An acquisition is expected to lower overhead costs, improve distribution efficiencies, and improve ordering volumes from the major manufacturers. Greenback's financial staff estimate that if those improvements (synergies) are implemented, incremental free cash flows will be $6 million, $7.2 million, and $8.2 million for the first three years. Free cash flows would grow at 5% thereafter. If Active Lifestyle's tax rate is 30% and its WACC is 12%, what is the most Greenback should pay for Active Lifestyle?