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 $$4\mathrm{.}08$ per share and paid cash dividends of

$$2\mathrm{.}38$ per share $(D_0=$$$2\mathrm{.}38).$ Grips' earnings and dividends are expected to grow at $30\%$ per year for the next

$3$ years, after which they are expected to grow $8\%$ 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 $$.($Round to the nearest cent.$)$ plz answer