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

from now. Analysts expect this dividend to grow at $11\mathrm{.}9\%$ per year thereafter

until the $6$th year. Thereafter, growth will level off at $2\mathrm{.}1\%$ 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 $8\mathrm{.}4\%?$

The value of Gillette's stock is $

$($Round to the nearest cent.$)$