Newman manufacturing is considered a cash purchase of the stock of grips tool. during the year just completed grips earned $3.78 per share and paid cash dividends of $2.08 per share (Do=2.08). Grips earnings and dividends are expected to grow at 20% per year for the next 3 years, After which they are expected to grow 8% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of 11% on investments with risk characteristics similar to those of grips.