Assume Colgate-Palmolive Company has just paid an annual dividend of $ 0.97 . Analysts are predicting an 11.2 % per year growth rate in earnings over the next five years. After that, Colgate's earnings are expected to grow at the current industry average of 5.1 % per year. If Colgate's equity cost of capital is 9.1 % per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Colgate stock should sell?

The value of Colgate's stock is $____ (round to the nearest cent)