Newman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed. Grips earned $3.22 per share and paid cash dividends of $1.52 per share (D_0 = $1.52). Grips' earnings and dividends are expected to grow at 25% 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 15% on investments with risk characteristics similar to these of Grips? The maximum price per share that Newman should pay for Grips is $. (Round to the nearest cent.)