(Round to the nearest cent)

Common stock valueVariable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.62 per share and paid cash dividends of $1.92 per share (Do = $1.92). Grips' earnings and dividends are expected to grow at 30% per year for the next 3 years, after which they are expected to grow 9% 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