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 1.7% 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

8.5%?

- The value of Gillette's stock is $________.

Please answer!