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 $$3\mathrm{.}13$ per share and paid cash dividends of $$1\mathrm{.}43$ per share$($Do $=$ $$1\mathrm{.}43).$ Grips' earnings and dividends are expected to grow at $20\%$ per year for the next $3$ years, after whichthey are expected to grow $9\%$ per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of $11\%$ on investments with risk characteristics similar to those of Grips?The maximum price per share that Newman should pay for Grips is $$($Round to the nearest cent.$)$