a. Firm Free Cash Flow for Eagle, Inc. is expected to be $9.46 million at the end of 2026 (end of planning period). The expected annual firm free cash flow growth rate after the planning period is 2% per year indefinitely. What is the gordon growth model terminal value for the project? Assume the WACC for the firm is 12%.

Refer to 1a. Assume today is December 31, 2022. Calculate the PV of the Eagle, Inc. terminal value. (2 points)