Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow at 12.5% per year thereafter until the 6th year. Thereafter, growth will level off at 1.5% per year. According to the dividend-discount model, what is the value of a Gillette share if the firm's equity cost of capital is 8.6%?

The value of a Gillette share is. $(Round to the nearest cent.)