Common stock valuelong dashVariable growth Lawrence Industries' most recent annual dividend was $2.46 per share (D0equals$ 2.46), 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 7% constant annual growth rate in years 4 to infinity.

The market value of Lawrence's shares is $ . (Round to the nearest cent.)