cannot get this problem

The masiman price peet thase that Neweran thould pwy tat Grips is 1 Fowind is the nextest ceet ) Common stock value-Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.88 per share and paid cash dividends of $2.18 per share (D0=$2.18). Grips' eamings and dividends are expected to grow at 40% 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 retum of 12% on investments with risk characteristics similar to those of Grips