Colgate-Palmolive Company has just paid an annual dividend of $0. Analysts are predicting a(n)10.8% per year growth rate in earnings over the next...

Colgate-Palmolive Company has just paid an annual dividend of $0.86.

Analysts are predicting a(n)10.8% per year growth rate in earnings over the next five years. After that, Colgate's earnings are expected to grow at the current industry average of 4.9% per year. If Colgate's equity cost of capital is 7.6% per year and its dividend payout ratio remains constant, what price does the dividend-discount model predict Colgate stock should sell for?

1. The price per share is ...........