Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.45 per share and paid cash dividends of $1.75 per share (Do =$1.75). Grips' earnings and dividends are expected to grow at 25% per year for the next three years, after which they are expected to grow at 6% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of 12% 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.)