Common stock valuelong dashVariable growth Lawrence Industries' most recent annual dividend was

$2.18 per share (D0equals=$ 2.18), and the firm's required return is 13%.

Find the market value of Lawrence's shares when dividends are expected to grow at 20% 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.)