Newman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just? completed, Grips earned ?$3.35 per share and paid cash dividends of ?$1.651per share ?(D0equals=$1.65?). 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 12?% on investments with risk characteristics similar to those of? Grips?