Procter and Gamble (PG) paid an annual dividend of $ 2.88 in 2018. You expect PG to increase its dividends by 8.3 % per year for the next five years (through 2023), and thereafter by 3.1 % per year. If the appropriate equity cost of capital for Procter and Gamble is 8.6 % per year, use the dividend-discount model to estimate its value per share at the end of 2018.

The price per share is $ nothing. (Round to the nearest cent.)