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Common stock value—Variable growth:  Lawrence​ Industries' most recent annual dividend was ​$2.46 per share ​(D0=$2.46​), and...

Common stock value—Variable growth:  Lawrence​ Industries' most recent annual dividend was ​$2.46 per share ​(D0=$2.46​), and the​ firm's required return is 10​%. Find the market value of​ Lawrence's shares when dividends are expected to grow at 8​% 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.)

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