Procter and Gamble Corporation will pay an annual dividend of

$0.75

one year from now. Analysts expect this dividend to grow at

11.7%

per year thereafter until the fifth year. After that, growth will level off at

2.3%

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

7.4%?

Question content area bottom

Part 1

The price per share is

$enter your response here.

(Round to the nearest cent.)