Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just​ completed, Grips earned​$3.41 per share and paid cash dividends of​$1.71per share(D0equals$ 1.71​).​ Grips' earnings and dividends are expected to grow at20​%per year for the next 3​ years, after which they are expected to grow 5​%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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