Colgate-Palmolive Company has just paid an annual dividend of $1.50. Analysts are predicting dividends to grow by $0.12 per year over the next five years. After then, Colgates earnings are expected to grow 6.0% per year, and its dividend payout rate will remain constant. If Colgates equity cost of capital is 8.5% per year, what price does the dividend-discount model predict Colgate stock should sell for today? (include formulas)