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 $3.72 per share and paid cash dividends of $2.02 per share (Do= $2.02). Grips' earnings and dividends are expected to grow at 20% 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 11% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Grips is S. (Round to the nearest cent