Year : 1 2 3 4

Free Cash Flow: 12 million, 18 million, 22 million, 29 million

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 1.6% 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