Colgate$-$Palmolive Company has just paid an annual dividend of $$1\mathrm{.}08.$ Analysts are predicting an $12\%$ 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 $6\mathrm{.}4\%$ per year. If Colgate's equity cost of capital is $8\mathrm{.}9\%$ per year and its

dividend payout ratio remains constant, what price does the dividend$-$discount model predict Colgate stock should sell for?

The price per share is $

$($Round to two decimal places.$)$