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 $$4\mathrm{.}05$ per share and paid cash

dividends of $$2\mathrm{.}35$ per share $(D_0=$$$2\mathrm{.}35).$ Grips' earnings and dividends are expected to grow at $25\%$ 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 $$.($Round to the nearest cent.$)$