Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned$3.58per share and paid cash dividends of$1.88per share(D0=$ 1.88$).Grips' earnings and dividends are expected to grow at 40%per year for the next 3 years, after which they are expected to grow 6% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of15%on investments with risk characteristics similar to those of Grips?