Year 1 2 3 4

Free Cash Flow $12 million $18 million $22 million $26 million

Conundrum Mining 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

44%

per year. If the weighted average cost of capital is

12%

and Conundrum has cash of $80 million, debt of $60 million, and 30 million shares outstanding, what is Conundrum's expected terminal enterprise value?