Procter and Gamble (PG) paid an annual dividend of $1.73 in 2009. You expect PG to increase its dividends by 7.8% per year for the next five year (through 2014, ), and thereafter by 3.2% per year. If the appropriate equity cost of capital for Procter and Gamble is 7.5% 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.)