Assume Gillette Corporation will pay an annual dividend of $0.67 one year from now. Analysts expect this dividend to grow at 11.6% per year thereafter until the fourth

year. Thereafter, growth will level off at 1.9% 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 8.4%%?

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