Covington is expected to generate the above free cash flows over the next four years, after which they are expected to grow at a rate of 3.2% per year. If the weighted average cost of capital is 12% and Covington has cash of $80 million, debt of $60 million, and 30 million shares outstanding, what is Covington's expected terminal enterprise value? Year Free Cash Flow 1 $12 million 2 $18 million 3 $22 million 4 $36 million