Newman manufactuing is considering a cash purchase of stock of Grips Tool. During the year just completed, Grips earned $3.07 per share and paid cash dividends of $1.37 per share (D0=$1.37). Grips earning and dividends are expected to grow at 20% 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?