Colgate-Palmolive Company (CL) has just paid an annual dividend of $1.56. Analysts are predicting a 9% per year growth rate in earnings over the next five years. After five years, Colgates earnings are expected to grow at the current industry average of 5.9% per year forever. Since the annual dividend has just been paid, assume that investors will not receive todays dividend. The growth rate of dividends is summarized below:

First 5 years	After 5 years
9% growth	5.9%

Colgates equity cost of capital is 8.5% per year and assume that its dividend payout ratio will remain constant. What is the price of Colgates stock using the dividend- discount model?