Assume Gillette Corporation will pay an annual dividend of $0.63 one year from now. Analysts expect this dividend to grow at 11.9% per year thereafter until the fifth year. Thereafter, growth will leve off at 2.3% 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 8.5% ? The value of Gillette's stock is $ (Round to the nearest cent.)