Assume Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow at 12.8% per year thereafter until the fourth year. Thereafter, growth will level off at 1.7% per year. According to the DDM, what is the value of a share of Gillette stock if the firm's equity cost of capital is 8.7%?

The value of Gillette's stock is $ ____ (Round to the nearest cent.)