Common stock value-Variable growth Lawrence Industries' most recent annual dividend was $2.19 per share (Do=$2.19), and the firm's required rate of return is 11%. Find the market value of Lawrence's shares when dividends are expected to grow at 20% annually for 3 years, followed by a 4% constant annual growth rate in years 4 to infinity.

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