Assume Gillette corporation will pay an annual dividend of 0.67 One year from now. Analysts expect this dividend to grow at 11.3% per year thereafter until the 6th year. Thereafter, growth will level of at 2.3% 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 7.7%?
The value of gillette's stock is ____ (round to nearest cent)