Common stock value long dash Variable growthNewman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.74 per share and paid cash dividends of $ 2.04 per share (D0 equals = $2.04). Grips' earnings and dividends are expected to grow at 35% 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.)