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Common stock value Variable growth Newman manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips eaned $3.87 per share and paid cash dividends of $2.17 per share (D0=$2.17). 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 o n nity. What is he maximum price per share tha Newman should pay or ( ios ifit has a required return o or investments with ris chara ensti similar to those of Grips? The maximum price per share that Newman should pay for Grips is $ . (Round to the nearest cent.)