Common stock value - Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.64 per share and paid cash dividends of $1.94 per share (D0=$1.94). Grips' eamings and dividends are expected to grow at 30% 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 10% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Grips is \$ (Round to the nearest cent.)