Assume Gillette Corporation will pay an annual dividend of $$0\mathrm{.}64$ one year from now. Analysts

expect this dividend to grow at $11\mathrm{.}7\%$ per year thereafter until the sixth year. Thereafter, growth will

level off at $2\mathrm{.}1\%$ 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 $7\mathrm{.}8\%?$

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