Colgate-Palmolive Company has just paid an annual dividend of $ 1.15 Analysts are predicting dividends to grow by $0.14 per year over the next five years. Afterthen, Colgate's earnings are expected to grow 6.2% peryear, and its dividend payout rate will remain constant. IfColgate's equity cost of capital is 9.4% peryear, what price does thedividend-discount model predict Colgate stock should sell fortoday?

The price per share is $