Assume Gillette Corporation will pay an annual dividend of $0.63 one year from now. Analysts expect this dividend to grow at 12.7% per year thereafter until the 6th year. Thereafter, growth will level off at 1.5% 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 8.9%?

The value of Gillette's stock is _