Colgate-Palmolive Company has just paid an annual dividend of $1.01. Analysts are predicting an 12% 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 6.8% per year. If Colgate's equity cost of capital is 8.9% 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.)