proctor and gamble (pg) paid an annual dividend of $1.77 in 2009. You expect PG to increase its dividends by 7.5% per year for the next five years through 2014, and thereafter by 2.6% per year. If the appropriate equity cost of capital for Proctor & Gamble is 7.1% per year, use the dividends-discount model to estimate its value per share at the end of 2009.

price per share is $_______