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Exercise 7-18 Question Help Assume Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow at

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Exercise 7-18 Question Help Assume Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow at 11.8% per year thereafter until the sixth year. Thereafter, growth will level off at 2.4% per year. According to the DDM, what is the value of a share of Gillette stock if the firm's equity cost of capital is 8.9%? The value of Gillette's stock is $. (Round to the nearest cent.)

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