Maximum CPA bid is based on current Maximum Cost-Per-Click (CPC) bids and conversion rates.
How to calculate Conversion Rate?
Conversion Rate = Total Conversions/Total Views X 100
Example to calculate Maximum CPA Bid
Suppose you are running one ad group with two different keywords : "Burger" and "Veg Burger".
Keyword Burger Veg Burger
Current Max CPC Bid $1.00 $1.40
Conversion Rate 10% 20%
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To get a maximum CPA bid for "Burger"
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To get a maximum CPA bid for "Veg Burger"
Maximum CPA Bid = Max. CPC/Conversion Rate = $1.40/20% = $7.00
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