Procter and Gamble (PG) paid an annual dividend of

$2.81

in

2021.

You expect PG to increase its dividends by

7.8%

per year for the next five years (through

2026),

and thereafter by

2.8%

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

7.2%

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

2021.

Question content area bottom

Part 1

The price per share is

$enter your response here.

(Round to the nearest cent.)