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{.}29$ per

share and paid cash dividends of $$2\mathrm{.}59$ per share $(\{$:$D_0=$$$2\mathrm{.}59).$ Grips' earnings and dividends are expected to grow at $30\%$ 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 $10\%$ on investments with risk characteristics similar

to those of Grips?

The maximum price per share that Newman should pay for Grips is $$,($Round to the nearest cent.$)$