Procter and Gamble (PG) paid an annual dividend of $ 1.62$1.62 in 2009. You expect PG to increase its dividends by 8.1 %8.1% per year for the next five years (through 2014), and thereafter by 2.9 %2.9% per year. If the appropriate equity cost of capital for Procter and Gamble is 7.3 %7.3% per year, use the dividend-discount model to estimate its value per share at the end of 2009.

The price per share is $____? (Round to the nearest cent.)