Procter and Gamble(PG) paid an annual dividend of $ 1.62 in 2009. You expect PG to increase its dividends by 7.2 % per year for the next five years(through 2014), and thereafter by 3.4 % per year. If the appropriate equity cost of capital for Procter and Gamble is 8.9 % peryear, use thedividend-discount model to estimate its value per share at the end of 2009.

The price per share is $________