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Procter and Gamble? (PG) paid an annual dividend of $ 1.79 in2009. You expect PG to increase its dividends by 7.3% per year forthe next five years? (through 2014), and thereafter by 3.4 % peryear. If the appropriate equity cost of capital for Procter andGamble is 8.5% per? year, use the? dividend-discount model toestimate its value per share at the end of 2009.The price per share is______?$ (round to the nearest cent).
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