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Part $1$

Assume Gillette Corporation will pay an annual dividend of $ $0\mathrm{.}61$ one year from now. Analysts expect this dividend to grow at $11\mathrm{.}1\%$ per year thereafter until the $2$nd year.$$ Thereafter, growth will level off at $2\mathrm{.}2\%$ per year. According to the$$ dividend$-$discount model, what is the value of a share of Gillette stock if the$$ firm's equity cost of capital is $8\mathrm{.}5\%?$