Procter and Gamble (PG) paid an annual dividend of $1.63 in 2009. You expect PG to increase its dividends by 7.3% per year for the next five years (through 2014), and thereafter by 3.1% per year. If the appropriate equity cost of capital for Procter and Gamble is 7.4% 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.)