Procter and Gamble (PG) paid an annual dividend of $1.76 in 2009. You expect PG to increase its dividends by 7.7% per year for the next five years (through 2014), and thereafter by 2.6% 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.)