Common stock value$-$Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $$3\mathrm{.}35$ per share and

paid cash dividends of $$1\mathrm{.}65$ per share $(D_0=$$$1\mathrm{.}65).$ Grips' earnings and dividends are expected to grow at $30\%$ per year for the next $3$ years, after which they are expected to grow $6\%$ per year to

infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of $16\%$ 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.$)$