Common stock value-variable growth model

Newman Manufacturing is considering a cash purchase of stock ofGrips Tool. During the year completed, Grips earned $4.25 per shareand paid cash dividends of $2.55 per share (D0=$2.55). Grips'earnings and dividends are expected to grow at 25% per year for thenext 3 years, after which theyh expected to grow at 10% per year toinfinity. What is the maximum price per share that Newman shouldpay for Grips if it has a required return of 15% on investmentswith risk characteristics similar to those of Grips?