Procter and Gamble (PG) paid an annual dividend of $2.82 in 2021. You expect PG to increase its dividends by 8.5% per year for the next five years (through 2026), and thereafter by 2.7% per year. If the appropriate equity cost of capital for Procter and Gamble is 7.7% per year, use the dividend-discount model to estimate its value per share at the end of 2021.