Assume Gillette Corporation will pay an annual dividend of $0.66 one year from now. Analysts expect this dividend to grow at 12.4% per year thereafter until the 4th

year. Thereafter, growth will level off at 2.3% 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 7.4%?

Question content area bottom Part 1 The value of Gillette's stock is ?

(Round to the nearest cent.)