Colgate-Palmolive Company has just paid an annual dividend of 1.01

.

Analysts are predicting dividends to grow by 0.16

per year over the next five years. After then, Colgate's earnings are expected to grow 6.5%

per year, and its dividend payout rate will remain constant. If Colgate's equity cost of capital is 8.2%

per year, what price does the dividend-discount model predict Colgate stock should sell for today?