Assume Gillette Corporation will pay an annual dividend of $0.61 one year from now. Analysts expect this dividend to grow at 12.1% per year thereafter until the sixth year. Thereafter, growth will level off at 1.8% per year. According to the DDM, what is the value of a share of Gillette stock if the firm's equity cost of capital is 7.7% ? The value of Gillette's stock is \$ (Round to the nearest cent.)