Procter and Gamble (PG) paid an annual dividend of $2.89 in 2018. You expect PG to increase its dividends by 8.7% per year for the next five years (through 2023), and thereafter by 2.8% per year. If the appropriate equity cost of capital for Procter and Gamble is 8.4% per year, use the dividend-discount model to estimate its value per share at the end of 2018.
The price per share is $____ (Round to the nearest cent.)
