Common stock valueVariable growth Lawrence Industries' most recent annual dividend was $1.14per share (D0=$1.14), and the firm's required return is 10%. Find the market value of Lawrence's shares when dividends are expected to grow at 20%annually for 3years, followed by a 7%constant annual growth rate in years 4 to infinity.

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Part 1

The market value of Lawrence's shares is $enter your response here

. (Round to the nearest cent.)