Procter and Gamble (PG) paid an annual dividend of $2.94 in 2018. You expect PG to increase its dividends by 8.8% per year for the next five years (through 2023), and thereafter by 2.7% per year. If the appropriate equity cost of capital for Procter and Gamble is 7.8% per year, use the dividend-discount model to estimate its value per share at the end of 2018.