Procter & Gamble $($PG$)$ paid an annual dividend of $$3\mathrm{.}85$ in $2021.$ You expect PG to increase its dividends by $8\mathrm{.}5\%$ per year for the next five years $($through $2026),$ and

thereafter by $2\mathrm{.}7\%$ per year. If the appropriate equity cost of capital for Procter & Gamble is $6\mathrm{.}4\%$ per year, use the dividend$-$discount model to estimate its value per share at

the end of $2021.$