Assume Gillette Corporation will pay an annual dividend of $$$$0\mathrm{.}61$ one year from now. Analysts expect this dividend to grow at $11\mathrm{.}5\%$ per year thereafter until the $4$th year.$$ Thereafter, growth will level off at $2\mathrm{.}4\%$ 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 $8\mathrm{.}6\%?$

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Part $1$

The value of Gillette$\text{'}$s stock is $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$