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Assume Gillette Corporation will pay an annual dividend of $0.65 one year from now. Analysts expect this dividend to grow at 12.0% per year thereafter

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Assume Gillette Corporation will pay an annual dividend of $0.65 one year from now. Analysts expect this dividend to grow at 12.0% per year thereafter until the fifth year. Thereafter, growth will level off at 2.0% 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 8.0%? The value of Gillette's stock is $ . (Round to the nearest cent.)

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