23. Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips eamed $2.98 per share and paid cash dividends of $1.28 per share (Do=$1.28). Grips' earnings and dividends are expected to grow at 30% per year for the next three years, after which they are expected to grow at 9% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of 14% on investments with risk characteristics similar to those of Grips? (Round to The maximum price per share that Newman should pay for Grips is $ the nearest cent.)