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The terminal value = 700*(1+.04)/(.08-.04) = $18,200. Discounting the annual free cash flows plus the terminal value at 8 percent, the MAP = $11,926 per

"The terminal value = 700*(1+.04)/(.08-.04) = $18,200. Discounting the annual free cash flows plus the terminal value at 8 percent, the MAP = $11,926" per Chegg website

How is MAP calculated here? What is the formula (s) to get from $18,200 terminal value to a Maximum Aquisition Price of $11,926?

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