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Assume Gillette Corporation will pay an annual dividend of $ 0.67 one year from now. Analysts expect this dividend to grow at 11.7 % per

Assume Gillette Corporation will pay an annual dividend of $ 0.67 one year from now. Analysts expect this dividend to grow at 11.7 % per year thereafter until the 5th year. Thereafter, growth will level off at 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 7.1 %?

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

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