Assume Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow at 11.9% 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 share of Gillette stock if the​ firm's equity cost of capital is 8.4%​? Only typing answer Please explain step by step without table and graph thankyou

Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter7: Corporate Valuation And Stock Valuation
Section: Chapter Questions
Problem 16MC: Assume that Temp Force is a constant growth company whose last dividend (D0, which was paid...
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Assume Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow at 11.9% 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 share of Gillette stock if the​ firm's equity cost of capital is 8.4%​?

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Please explain step by step without table and graph thankyou 

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