Procter and Gamble (PG) paid an annual dividend of $2.87 in 2018. You expect PG to increase its dividends by 7.5% per year for the next five years(through 2023), and thereafter by 3.2% per year. If the appropriate equity cost of capital for Procter and Gamble is 8.1% per year, use the dividend-discount model to estimate its value per share at the end of 2018.