Lawrence Industries most recent annual dividend per common share was $1.80 per share (D₀ = $1.80), and the firms required return is 11%. The companys dividends are expected to grow at 8% annually for the next 3 years, followed by a 5% constant annual growth rate in years 4 to infinity.

a. Find out the expected dividends per common share of the company from year 1 to year 4.

b. Find out the expected price of each of Lawrence Industries common shares at the end of year 3.

c. Find out the intrinsic value of each of Lawrence Industries common shares today.