common stock valueVariable growth Lawrence Industries most recent annual dividend was BD 1.80 per share, and the firms required rate of return is 11%. Find the market value of Lawrences 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.

a. $30.67

b. $2.38

c. $39.67