Lawrence Industries' most recent annual dividend was $2.38 per share (D0equals $ 2.38), and the firm's required return is 15 %. Find the market value of Lawrence's shares when dividends are expected to grow at 30 % 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.)