Assume Gillette Corporation will pay an annual dividend of $0.84 one year from now. Analysts expect this dividend to grow at 11% per year thereafter until the 2nd year. Thereafter, growth will level off at 4% 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 12%?

[Note: Pay attention to the timing, and don't assume that this is the same problem you've seen before.]

The value of Gillette's stock is____ enter your response here.

(Round to the nearest cent.)