After finishing your first finance class, you decide to start your own investment plan. Your first stock to purchase is McDonald's (MCD). You are confident enough to project next quarter's dividend as $1.00. However, you are unsure of future dividends, so you just assume they will grow at 0.50% per quarter going forward each year.

If you want a 15.00% APR return (quarterly compounding) on your investment, what value do you place on the stock today?

Round 2 Decimal Places