answer usung a BA II plus

Newman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.57 per share and paid cash dividends of $1.87 per share (D0-$ 1.87). Grips' earnings and dividends are expected to grow at 20% per year for the next 3 years, after which they are expected to grow 5% per year to infinity What is the maximum price per share that Newman should pay for Grips if it has a required return of 11% on investments with risk characteristics similar to those of Grips