Assume Gillette Corporation will pay an annual dividend of $0.61 one year from now. Analysts expect dividend to grow at 12.9% per year thereafter until the 4 th year. Thereafter, growth will level off at 2.4% year. According to the dividend-discount model, what is the value of a share of Gillette stock if the firm' equity cost of capital is 8.9% ? The value of Gillette's stock is $. (Round to the nearest cent.)