Assume Gillette Corporation will pay an annual dividend of

$0.62

one year from now. Analysts expect this dividend to grow at

12.5%

per year thereafter until the

6th

year. Thereafter, growth will level off at

2.1%

per year. According to thedividend-discount model, what is the value of a share of Gillette stock if the firm's equity cost of capital is

8.6%?

The value of Gillette's stock is

$nothing.

(Round to the nearest cent.)