Colgate-Palmolive Company has just paid an annual dividend of $1.37.

Analysts are predicting dividends to grow by $0.18 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 9.5% per year, what price does the dividend-discount model predict Colgate stock should sell for today?