Assume Gillette Corporation will pay an annual dividend of $0.69 one year from now. Analysts expect this dividend to grow at 11.8% per year thereafter until the fourth year. Thereafter, growth will level off at 1.8% per year. According to the DDM, what is the value of a share of Gillette stock if the firm's equity cost of capital is 8.7% ? The value of Gillette's stock is \$ (Round to the nearest cent.)