Procter and Gamble (PG) paid an annual dividend of

$1.73

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

7.6%

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

The price per share is

$enter your response here.

(Round to the nearest cent.)