Assume Gillette Corporation will pay an annual dividend of

$0.66

one year from now. Analysts expect this dividend to grow at

12.7%

per year thereafter until the

fifth

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

8.1%?

The value of Gillette's stock is $_________

(Round to the nearest cent.)