Assume Gillete Corporation will pay an annual divident of $0.68 one year from now. Analysts expect this dividend to grow at 11.5% per year thereafter until the 4th year. Thereafter, growth will level off at 2.3% per year. According to the dividend-discount model, what is the value of a share of Gillete stock if the firm's equity cost of capital is 8.1%?
The value of Gillete's stock is? (in dollars) (Round to the nearest cent.).