Assume Gillette Corporation will pay an annual dividend of

$0.69

one year from now. Analysts expect this dividend to grow at

11.3%

per year thereafter until the

4th

year. Thereafter, growth will level off at

1.9%

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

7.7%?

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