Colgate-Palmolive Company has just paid an annual dividend of $1.01.Analysts are predicting 11.3%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 of5.8%per year. If Colgate's equity cost of capital is 8.7%

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