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Lawrence Industries' most recent annual dividend was $ 1 . 9 3 per share ( D Subscript 0 equals$ 1 . 9 3 ) ,

Lawrence Industries' most recent annual dividend was $1.93 per share (D Subscript 0equals$ 1.93), and the firm's required return is 13%. Find the market value of Lawrence's shares when dividends are expected to grow at 25% annually for 3 years, followed by a 6% constant annual growth rate in years 4 to infinity.

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