BONUS (6 pts.) Common stock valueVariable growth Newman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips eamed $3.49 per share and paid cash dividends of $1.79 per share (D. - $1.79). Grips' earnings and dividends are expected to grow at 40% per year for the next 3 years, after which they are expected to grow 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 12% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Grips is $ (Round to the nearest cent.)