Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips eamed $3.48 per share and paid cash divisands of $1.78 per share (D0=51,78) Grips' earnings and dividands aro expected to grow at 30% per year tor the next three years, after which they are exeected to grow at 9% per year to infinity. What as the macemun phice per share that Newman bhould pay for Grips if it has a required return of 15% on investmens with risk characleristics simlar to those of Grips? The maximum price per share that Newman should pey for Grips is 1 (Round to the nearest cent)