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 $2.96 per share and paid cash dividends of $1.26 per share (D0=$1.26). Grips' earnings and dividends are expected to grow at 20% 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 if it has a required refurn of 11% on investments with risk characteristics simlar to those of Grips? cin The maximum price per share that Newman should pay for Grips is ? (Round to the nearest cent.)