Yesterday, Macallan Corp paid out $1.6014B in dividends and repurchased $4.9390B worth of shares. Macallan has 1.13B shares outstanding and pays all of its dividends and makes its repurchases at the end of each year. Because of the slow - down in the economy, analysts expect that next year Macallan will hold dividend payments constant at yesterday's level and cancel its stock repurchase program. Two years from now, analysts forecast that total payouts will return to the level of yesterday. After that date analysts expect that total payouts will grow at an annual rate of 2.25% in perpetuity. Assume that investors require a 10.75% rate of return on Macallan's shares. Using the Total Payout Model what is your estimate of the stock price today?