Question: Common stock value Variable growth Lawrence Industries' most recent annual dividend was $1.48 per share (D0=$1.48), and the firm's required return is 11%. Find the

Common stock valueVariable growth Lawrence Industries' most recent annual dividend was $1.48 per share (D0=$1.48), and the firm's required return is 11%. Find the market value of Lawrence's shares when dividends are expected to grow at 15% annually for 3 years, followed by a 5% constant annual growth rate in years 4 to infinity.

The market value of Lawrence's shares is $

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