Procter and Gamble(PG) paid an annual dividend of $ 2.87

in 2018. You expect PG to increase its dividends by 8.0% per year for the next five years(through 2023), and thereafter by 3.0 % per year. If the appropriate equity cost of capital for Procter and Gamble is 8.0 % peryear, use thedividend-discount model to estimate its value per share at the end of 2018.