Common stock

valueVariable

growth Lawrence Industries' most recent annual dividend was

$1.80

per share

(D0=$1.80),

and the firm's required return is

11%.

Find the market value of Lawrence's shares when dividends are expected to grow at

8%

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

$nothing.

(Round to the nearest cent.)