Assume Gillette Corporation will pay an annual dividend of $0.68 one year from now. Analysts expect this dividend to grow at 12.6% per year thereafter until the 5th year.Thereafter, growth will level off at 1.8% per year. According to thedividend-discount model, what is the value of a share of Gillette stock if thefirm's equity cost of capital is 7.6%?

The value ofGillette's stock is $____

. (Round to the nearestcent.)

• fill in blank