Colgate-Palmolive Company has just paid an annual dividend of $0.94.

Analysts are predicting a11.9%

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 5.3%

per year. If Colgate's equity cost of capital is8.6%

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.)