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 $$2\mathrm{.}87$ per share and paid cash dividends of $$1\mathrm{.}17$ per share $).$ Grips' earnings and dividends are expected to grow at $25\%$ 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 $11\%$ on investments with risk characteristics similar to those of Grips?

The maximum price per share that Newman should pay for Grips is $$.($Round to the nearest cent.$)$