Assume Gillette Corporation will pay an annual dividend of $0.62 one year from now. Analysts expect this dividend to grow at 11.3% per year thereafter until the 5th year. Thereafter, growth will level off at 2.3% per year. According to the dividend-discount model, what is the value of a share of Gillette stock if the firm's equity cost of capital is 7.8%? The value of Gillettil's stock is $ (Round to the nearest cent.)