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{.}83$ per

share and paid cash dividends of $$2\mathrm{.}13$ per share $(D_0=$$$2\mathrm{.}13).$ Grips' earnings and dividends are expected to grow at $35\%$ per year for the next $3$ years, after which they are expected

to grow $8\%$ per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of $10\%$ 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.$)$