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P7–14 Common stock value: Variable growth Lawrence Industries’ most recent annualdividend was $1.80 per share (D0 = $1.80), and the firm’s required return is 11%.Find the market value of Lawrence’s shares when:a. Dividends are expected to grow at 8% annually for 3 years, followed by a 5%constant annual growth rate in years 4 to infinity.
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b. Dividends are expected to grow at 8% annually for 3 years, followed by a 0%