Procter and Gamble Corporation will pay an annual dividend of $$0\mathrm{.}78$ one year from now. Analysts expect this dividend to grow at $12\mathrm{.}9\%$ per year thereafter until

the fifth year. After that, growth will level off at $2\mathrm{.}3\%$ per year. According to the dividend$-$discount model, what is the value of a share of Procter and Gamble

stock if the firm's equity cost of capital is $7\mathrm{.}8\%?$

The price per share is $$.($Round to the nearest cent.$)$