Colgate-Palmolive Company has just paid an annual dividend of

$1.08.

Analysts are predicting dividends to grow by

$0.11

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

6.4%

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

7.2%

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

Question content area bottom

Part 1

The price per share is

$enter your response here.

(Round to two decimal places.)