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Procter and Gamble (PG) paid an annual dividend of $2.96 in 2018. You expect PG to increase its dividends by 8.1% per year for the

Procter and Gamble (PG) paid an annual dividend of

$2.96

in 2018. You expect PG to increase its dividends by

8.1%

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

8.9%

per year, use the dividend-discount model to estimate its value per share at the end of 2018.

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