The following table shows the projected free cash flows of an acquisition target. The potential acquirer wants to estimate its maximum acquisition price at an 8 percent discount rate and a terminal value in year 5 based on the perpetual growth equation with a 4 percent perpetual growth rate.

Year	1	2	3	4	5
Free cash flow	950	475	0	290	880

a. Estimate the targets maximum acquisition price. (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)

- Maximum acquisition price =

b. Estimate the targets maximum acquisition price when the discount rate is 7 percent and the perpetual growth rate is 5 percent. (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)

- Maximum acquisition price =