Procter and Gamble? (PG) paid an annual dividend of

$ 1.73

in 2009. You expect PG to increase its dividends by

8.4 %

per year for the next five years? (through 2014), and thereafter by

2.9 %

per year. If the appropriate equity cost of capital for Procter and Gamble is

7.3 %

per? year, use the? dividend-discount model to estimate its value per share at the end of 2009.