Common stock value-_Variable growth Lawrence Industries' most recent annual dividend was $1.05 per share (Do = $1.05), and the firm's required return is 16%. Find the market value of Lawrence's shares when dividends are expected to grow at 25% annually for 3 years, followed by a 5% constant annual growth rate in years 4 to infinity.

The market value of Lawrences shares is $

(Rouris to thes moevst ceirk)