Question: Common stock value Variable growth Lawrence Industries' most recent annual dividend was $ 1 . 2 9 per share (D 0 = $ 1 .

Common stock
valueVariable
growth Lawrence Industries' most recent annual dividend was
$1.29
per share
(D0=$1.29),
and the firm's required return is
11%.
Find the market value of Lawrence's shares when dividends are expected to grow at
20%
annually for 3 years, followed by a
3%
constant annual growth rate in years 4 to infinity.

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