Procter and Gamble (PG) paid an annual dividend of

$ 2.81$2.81

in 2018. You expect PG to increase its dividends by

8.7 %8.7%

per year for the next five years (through 2023), and thereafter by

2.6 %2.6%

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

8.9 %8.9%

per year, use the dividend-discount model to estimate its value per share at the end of 2018.

The price per share is

$nothing.

(Round to the nearest cent.)