Common stock valueVariable growth Lawrence Industries' most recent annual dividend was $1.22 per share(D0=$$1.22),and the firm's required return is 16%. 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 $___.

(Round to the nearest cent.)

Common stock value-Variable growth Lawrence Industries' most recent annual dividend was $1.22 per share (Do= $1.22), and the firm's required return is 16%. 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 $ (Round to the nearest cent.)