Question: Can you please show the work for each step? Thank you! Common stock value-Variable growth Lawrence Industries' most recent annual dividend was $1.82 per share
Can you please show the work for each step? Thank you!

Common stock value-Variable growth Lawrence Industries' most recent annual dividend was $1.82 per share (D = $1.82), and the firm's required return is 12%. Find the market value of Lawrence's shares when dividends are expected to grow at 8% annually for 3 years, followed by a 4% constant annual growth rate in years 4 to infinity The market value of Lawrence's shares is 5 (Round to the nearest cent.)
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