7-13 (similar to) Question Help Common stock value Variable growth Newman Mandocturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Orips med $3.40 per share and paid cash dividends of $1.76 per shan 10 - 3170) Grips earnings and dividends are expected to grow al 35% per year for the next 3 years after which they are expected to grow 6% per year to infinity What is the maximum price per share that Newman should pay for Grips has a required return of 12% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Gripsis found to the nearest cont.)