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You don't need to put the serial key anywhere.
When you install MtoA, the installer registers the serial key and product id.
I have the Arnold 2018 for Mac browser download and when it's expanded into "Arnold_SDK_2018_5.1.0.0-mac" folder with doc, license, materials etc... where should I place this folder?
You can download MtoA from solidangle.com
If you want to batch render with Maya, you need MtoA.
The Arnold_SDK download is just Arnold. It does not include a plugin for Maya, or for any other software.