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Assume Gillette Corporation will pay an annual dividend of $ 0 . 6 9 $ 0 . 6 9 one year from now. Analysts expect

Assume Gillette Corporation will pay an annual dividend of $ 0.69$0.69 one year from now. Analysts expect this dividend to grow at 12.4%12.4% per year thereafter until the 66th year. Thereafter, growth will level off at 1.7%1.7% 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 8.8%8.8%?

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