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

$$2\mathrm{.}79$ per share and paid cash dividends of $$1\mathrm{.}09$ per share

$(D_0=$$$1\mathrm{.}09).$ Grips' earnings and dividends are expected to

grow at $30\%$ 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 $11\%$ 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.$)$