Ques5: Procter & Gamble will pay an annual dividend of $0.65 one year from now. Analystsexpect this dividend to grow at 12% per year thereafter until the fifth year. After then, growth will level off at 2% per year. According to the dividend-discount model, what is the value of a share of Procter & Gamble stock if the firms equity cost of capital is 8%?