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Part 1

Common stock

valueVariable

growth Lawrence Industries' most recent annual dividend was

$2.12

per share

(D0=$2.12),

and the firm's required return is

12%.

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.

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Part 1

The market value of Lawrence's shares is

$enter your response here.

(Round to the nearest cent.)