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Colgate-Palmolive Company has just paid an annual dividend of $1.54. Analysts are predicting dividends to grow by $0.18 per year over the next five years.

Colgate-Palmolive Company has just paid an annual dividend of

$1.54.

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

5.6%

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

8.9%

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

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