I am trying to compute part 2, which I keep getting wrong.

I am doing my calculations in Excel, as shown below. What am I missing/doing wrong?

Year	Y1	Y2
Free Cash Flow (FCF)	$ 80,000	$ 100,000
Weighted Avg. Cost of Cap. (WACC)	15%
Growth Rate (GR)	9%
Present V of FCF	$ 69,565.22	$ 173,913.04 (??)
Step 1
Terminal Value	$ 1,816,666.67
Value of Operations	?

Value of Operations Kendra Enterprises has never paid a dividend. Free cash flow is projected to be $80,000 and $100,000 for the next 2 years, respectively; after the second year, FCF is expected to grow at a constant rate of 9%. The company's weighted average cost of capital is 15%. a. What is the terminal, or horizon, value of operations? (Hint: Find the value of all free cash flows beyond Year 2 discounted back to Year 2.) Round your answer to the nearest cent. $ 1,816,666. b. Calculate the value of Kendra's operations. Do not round intermediate calculations. Round your answer to the nearest cent. $ 1,617,139