Assume Gillette Corporation will pay an annual dividend of $0.69 one year from now. Analysts expect this dividend to grow at 11.1% per year thereafter until the 6th year. Thereafter, growth will level off at 2.5% 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 Gillete stock is $ ______