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Part $1$

Common stock valuelong dashVariable growth$$Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just$$ completed, Grips earned $$$$4\mathrm{.}02$ per share and paid cash dividends of $$$$2\mathrm{.}32$ per share $($D Subscript $0$equals$ $2\mathrm{.}32).$ Grips' earnings and dividends are expected to grow at $35\%$ per year for the next $3$ years, after which they are expected to grow $8\%$ per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of $14\%$ on investments with risk characteristics similar to those of$$ Grips?$$

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Part $1$

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

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enter your response here. $($Round to the nearest$$ cent.$)$