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Yesterday, McDonald's Corp paid out $2.4100B in dividends and repurchased $5.2456B worth of shares. McDonald's has 1.97B shares outstanding. Analysts expect total payouts to grow

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Yesterday, McDonald's Corp paid out $2.4100B in dividends and repurchased $5.2456B worth of shares. McDonald's has 1.97B shares outstanding. Analysts expect total payouts to grow at an annual perpetual rate of 4.75% and investors require a 11.75% rate of return on McDonald's shares. What is the Total Payout model estimate of the stock price today assuming that all payouts occur annually? (The next payout will occur in one year.) Enter your answer to 2 decimal places

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