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{.}67$ per share and paid cash

dividends of $$1\mathrm{.}97$ per share $(D_0=$$$1\mathrm{.}97).$ 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 $15\%$ 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.$)$