Common stock value-Variable growth Newman Manufacturing is consiboring a cash purchase of the stock of Grips Tool. During the year just completod, Grips eamed 53 . O4 per share a paid cash dividends of $1.34 per share (D0=$1.34). Grips' earnings and dividends are expectud to grow at 25% per year for the next 3 yeam, affer which they are expected to grow 7% per year infinity. What is the maximum price per share that Newman should pay for Crips if it has a requirod coturn of 13% on investments with risk charactorisbes similar to these of Grips? The maximum price per share that Nowenan shauld pay for Grips is 1 (Round to the rearest cent)