Common stock value-Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips eamed $3.92 per share and paid cash dividends of $2.22 per share (D = $2.22). Grips' earnings and dividends are expected to grow at 35% per year for the next 3 years, after which they are expected to grow 7% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of 13% 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)