Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.35 per share and paid cash dividends of $1.65 per share (D0=$1.65). Gnps' earnings and dividends are expected to grow at 20% per year for the next three years, after which they are expected to grow at 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 16% 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)