Assume Gillette Corporation will pay an annual dividend of $0.63 one year from now. Analysts expect this dividend to grow at 12.1% per year thereafter until the 4th year. Thereafter, growth will level off at 2.4% 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 Gillette's stock is _________(Round to the nearest cent.)