(8 points) Proctor and Gamble paid an annual dividend of $3.24 in 2021. You expect...

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(8 points) Proctor and Gamble paid an annual dividend of $3.24 in 2021. You expect P&G to increase its dividends by 6.84% per year for the next five years (through 2026), and thereafter by 3% per year. If the appropriate equity cost of capital for Proctor and Gamble is 5% per year, use the dividend-discount model to estimate its value per share at the beginning of 2022

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