Assume Colgate-Palmolive Company has just paid an annual divident of $0.91. Analysts are predicting an 10.2% per year growth rate in earnings over the next 5 years. After that, Colgate's earnings are expected to grow at the current industry average of 5.5% per year. If Colgate's equity cost of capital is 7.6% 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)