Procter and Gamble​ (PG) paid an annual dividend of $2.89 in 2018. You expect PG to increase its dividends by 7.5% per year for the next five years​(through 2023), and thereafter by 2.7% per year. If the appropriate equity cost of capital for Procter and Gamble is 7.9% per​ year, use the​ dividend-discount model to estimate its value per share at the end of 2018.