Assume Gillette Corporation will pay an annual dividend of $0.68 one year from now. Analysts expect this dividend to grow at 1 1 4% per year thereafter until the 5th year. Thereafter, growth will level off at 1 6% 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 7.8%? The value of Gillette's stock is $ 2. (Round to the nearest cent.)x Sorry, that's not correct To determine the value of a share of Gillette stock, follow these steps: First, to find the value of the first 5 dividend payments, use the following formula: Div1 Next, to determine the value at year 5 of the rest of the dividend payments, use the following formula: Dive Then, discount the above value to the present using this formula: PVs (1 + )" Finally, to determine the value of Gillette's stock, use the following formula: Enter your answer in the answer box and then click Check Answ OK