3. Lawrence Industries most recent annual dividend was $1.80 per share and the firms required return is 11%. Find the market value of Lawrences shares when:

a) Dividends are expected to grow at 8% annually for 3 years, followed by a 5% constant annual growth rate in years 4 to infinity.

b) Dividends are expected to grow at 8% annually for 3 years, followed by a 0% constant annual growth rate in years 4 to infinity