Procter and Gamble Corporation will pay an annual dividend of $0.62 one year from now. Analysts expect this dividend to grow at 12.4% per year thereafter until the fifth year. After that, growth will level off at 2.1% 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 8.3% ? The price per share is $ (Round to the nearest cent.)