Common stock valueVariable growth: Lawrence Industries' most recent annual dividend was $2.46 per share (D0=$2.46), and the firm's required return is 10%. Find the market value of Lawrence's 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.

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