Colgate-Palmolive Company has just paid an annual dividend of $1.27. Analysts are predicting dividends to grow by $0.16 per year over the next five years. Afterthen, Colgate's earnings are expected to grow 6.9% peryear, and its dividend payout rate will remain constant. IfColgate's equity cost of capital is 9.3% peryear, what price does thedividend-discount model predict Colgate stock should sell fortoday?

A)The price per share is $ .