Procter and Gamble (PG) paid an annual dividend of $3.40 in 2021. You expect PG to increase its dividends by 8% per year for the next five years (through 2026), and thereafter by 3% per year. If the appropriate equity cost of capital for Procter and Gamble is 6% per year, use the dividend-discount model to estimate its value per share at the end of 2021.

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