Assume Gillette Corporation will pay an annual dividend of

$0.62

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

12.7%

per year thereafter until the

44th

year. Thereafter, growth will level off at

2.2%

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

8.6%?