Procter and Gamble (PG) paid an annual dividend of $ 1.68 in 2009. You expect PG to increase its dividends by 7.3 % per year for the next five years (through 2014), and thereafter by 3.2 % per year. If the appropriate equity cost of capital for Procter and Gamble is 7.2 % per year, use the dividend-discount model to estimate its value per share at the end of 2009.

a.) What is the price per share?

**Please show all work!**