Assume Gillette Corporation will pay an

annual dividend of$0.67 one year from now.

Analysts expect this dividend to grow at

12.2% per year thereafter until the 5th year.

Thereafter, growth will level off at 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 8.6%?