Colgate-Palmolive Company has just paid an annual dividend of $ 1.50. Analysts are predicting dividends to grow by $ 0.12 per year over the next five years. After then, Colgate's earnings are expected to grow 6.0 % per year, and its dividend payout rate will remain constant. If Colgate's equity cost of capital is 8.5 % per year, what price does the dividend-discount model predict Colgate stock should sell for today? Round answer to two decimal places.