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 $$2\mathrm{.}94$ per share and paid cash dividends of $$1\mathrm{.}24$ per share $(D_0=$$$1\mathrm{.}24).$ Grips' earnings and

dividends are expected to grow at $35\%$ 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 of $15\%$ on investments with risk

characteristics similar to those of Grips?

The maximum price per share that Newman should pay for Grips $)$

$($Round to the nearest cent.$)$