Procter and Gamble (PG) paid an annual dividend of 2.91 in 2018. You expect PG to increase its dividends by 7.6% per year for the next five years (through 2023), and thereafter by 3.3% per year. If the appropriate equity cost of capital for Procter and Gamble is 8.6% 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.)

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