P9-13 (similar to)

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Colgate-Palmolive Company has just paid an annual dividend of

$1.08.

Analysts are predicting dividends to grow by

$0.13

per year over the next five years. After then, Colgate's earnings are expected to grow

5.7%

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

8.3%

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

$nothing.

(Round to two decimal places.)