Assume Gillette Corporation will pay an annual dividend of $0.69 one year from now. Analysts expect this dividend to grow at 11.7%

per year thereafter until the 4th year. Thereafter, growth will level off at 1.8%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 7.9%?

The value of Gillette's stock is $ ( ) (Round to the nearestcent.)

**They answered 16.16 before and it was wrong. Please give the right answer this time.