Assume Gillette Corporation will pay an annual dividend of

$ 0.63$0.63

one year from now. Analysts expect this dividend to grow at

12.9 %12.9%

per year thereafter until the

66th

year. Thereafter, growth will level off at

1.9 %1.9%

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%?