Procter & GambleProcter$$&$$Gamble

$($PGPG$)$

paid an annual dividend of

$$$$3\mathrm{.}49$

in

$2021.$

You expect

PG

to increase its dividends by

$7\mathrm{.}1\%$

per year for the next five years$($through

$2026),$

and thereafter by

$2\mathrm{.}9\%$

per year. If the appropriate equity cost of capital for

Procter & GambleProcter$$&$$Gamble

is

$6\mathrm{.}3\%$

per$$year$,$ use the$$dividend$-$discount model to estimate its value per share at the end of

$2021.$