Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just​ completed, Grips earned ​$4.27 per share and paid cash dividends of ​$2.57 per share ​(D₀ = $ 2.57​). ​ Grips' earnings and dividends are expected to grow at 20​% per year for the next 3​ years, after which they are expected to grow 7​% 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? so The maximum price per share that Newman should pay for Grips is ​$?

The maximum price per share that Newman should pay for Grips in $ ___________.