You have built a Free Cash Flow model for a company, and calculate that the FCF for the fifth year from today is $1,000 (i.e. an investor who owns the enterprise would receive FCF of $1,000 exactly...

You have built a Free Cash Flow model for a company, and calculate that the FCF for the fifth year from today is $1,000 (i.e. an investor who owns the enterprise would receive FCF of $1,000 exactly five years from today). Assuming FCF grows at 3% each year forever from that point onwards, and that the WACC is 8%, calculate the PV today of the Terminal Value that is based on this perpetuity. (For the purposes of this question, only value FCF after the fifth year.)