Colgate-Palmolive Company has just paid an annual dividend of

$1.32.

Analysts are predicting an

13%

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

5.4%

per year. If Colgate's equity cost of capital is

7.2%

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

Question content area bottom

Part 1

The price per share is

$enter your response here.

(Round to two decimal places.)