Colgate-Palmolive Company has just paid an annual dividend of $0.93. Analysts are predicting a 10.6% per year growth rate in earninings over the next five years. After that, Colgate's earnings are expected to grow at the current industry average of 5.6% per year. If Colgate's equity cost of capital is 7.4% per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Colgate stock should sell?
round 2 decimal places.