Common Stock ValueVariable Growth Lawrence Industries' most recent annual dividend was $1.23 per share (D^0=$1.23), and the firm's required return is 14%. Find the market value of Lawrence's shares when dividends are expected to grow at 15% annually for 3 years, followed by a 6% constant annual growth rate in years 4 to infinity.

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