Colgate-Palmolive Company has just paid an annual dividend of $0.96. Analysts are predicting a(n) 10.7% per year growth rate in earnings over the next five years. Afterthat, Colgate's earnings are expected to grow at the current industry average of 5.7% per year. If Colgate's equity cost of capital is 8.6% 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?