Common stock valueVariable growthNewman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $4.12 per share and paid cash dividends of $2.42 per share (D0 equals=$2.42). Grips' earnings and dividends are expected to grow at 35% per year for the next 3years, 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?

Round anwser to the nearest cent.