Lawrence Industries' most recent annual dividend was $2.53 per share (D0=$2.53), and the firm's required return is 11%. Find the market value of Lawrence's shares when dividends are expected to grow at 15% annually for 3 years, followed by a 5% constant annual growth rate in years 4 to infinity.

P7-15 (similar to) D Assigned Media Question Help o Common stock valueVariable growth Lawrence Industries' most recent annual dividend was $2.53 per share (Do = $2.53), and the firm's required return is 11%. Find the market value of Lawrence's shares when dividends are expected to grow at 15% 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.)