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

Free cash flow

a$.$ Estimate the target's maximum acquisition price.

Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.

Maximum acquisition price

b$.$ Estimate the target's maximum acquisition price when the discount rate is $7$ percent and the perpetual growth rate is $5$ percent.

Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.

Maximum acquisition price