Procter and Gamble (PG) paid an annual dividend of $ 1.71 in 2009. You expect PG to increase its dividends by 7.1 % per year for the next five years (through 2014), and thereafter by 3.2 % per year. If the appropriate equity cost of capital for Procter and Gamble is 8.3 % per year, use the dividend-discount model to estimate its value per share at the end of 2009.

The price per share is $__________.