Newman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $2.98 per share and paid cash dividends of

$1.28 per share (D0equals=$ 1.28). Grips' earnings and dividends are expected to grow at 20% per year for the next 3 years, after which they are expected to grow 7%

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?

*The maximum price per share that Newman should pay for Grips is $_____? (Round to the nearest cent).