Assume Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow at 21% per year thereafter until the 2nd year. Thereafter, growth will level off at 2% 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 11%? [Note: Pay attention to the timing, and don't assume that this is the same problem you've seen before.] Question content area bottom Part 1 The value of Gillette's stock is $enter your response here. (Round to the nearest cent.)