Procter and Gamble (PG) paid an annual dividend of $1.63 in 2009 . You expect PG to increase its dividends by 8.9% per year for the next five years (through 2014 ), and thereafter by 3.4% per year. If the appropriate equity cost of capital for Procter and Gamble is 8.1% per year, use the dividend-discount model to estimate its value per share at the end of 2009 . The price per share is: (Round to the nearest cent.)