Common stock valueVariable growth Lawrence Industries' most recent annual dividend was 1.65$ per share (D0=$1.65), and the firm's required return is 15%. Find the market value of Lawrence's shares when dividends are expected to grow at 25% annually for 3 years, followed by a 3% constant annual growth rate in years 4 to infinity.

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