Assume Gillette Corporation will pay an annual dividend of $0.67 one year from now. Analysts expect this dividend to grow at 11.9% per year thereafter until the 4th year. Thereafter, growth will level off at 1.7% 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 8.5%?

Assume Gillette Corporation will pay an annual dividend of $0.67 one year from riow. Analysts expect this dividend to grow at 11.9% per year thereafter until the 4 th year. Thereafter, growth will level off at 1.7% 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 8.5% ? The value of Gillette's stock is \$ (Round to the nearest cent)