rocter and Gamble (PG) paid an annual dividend of $3.40 in 2021.

You expect PG to increase its dividends by

8.0%

per year for the next five years (through

2026),

and thereafter by

3.0%

per year. If the appropriate equity cost of capital for Procter and Gamble is

6.0%

per year, use the dividend-discount model to estimate its value per share at the end of

2021.

The price per share is

$enter your response here.

(Round to the nearest cent.)