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1. (10 pts) Proctor & Gamble (PG) is expected to pay an annual dividend of $3.40 per share (D1 = $3.40). Dividends are then expected

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1. (10 pts) Proctor & Gamble (PG) is expected to pay an annual dividend of $3.40 per share (D1 = $3.40). Dividends are then expected to grow at a constant rate of 5% per year. The current risk-free rate is 3.25%, the market risk premium is 6.75%, and BPg=.75. What is the current value per share of PG

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