Common stock valueVariable growth Lawrence Industries' most recent annual dividend was $1.73 per share (D Subscript 0=$1.73), and the firm's required return is 13%. Find the market value of Lawrence's shares when dividends are expected to grow at 15% 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 $_____(Round to the nearest cent.)