Common stock value Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool During the year just completed, Grips eamed 52 95 per share and pand cash dividends of $125 per share (D $1.25). Gips' earnings and dividends are expected to grow at 25% per year for the next 3 years after which they are expected to grow 9% per year to winy What is the maximum price per share that Newman should pay for Grips it 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 Grips is $(Round to the nearest cent)