Assume Gillette Corporation will pay an annual dividend of

$0.63

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

12.4%

per year thereafter until the

6th

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

8.6%?

The value of Gillette's stock is ____. (round to 4 decimal)