Common stock valueVariable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.12 per share and paid cash dividends of $1.42 per share (Do = $1.42) Grips' earnings and dividends are expected to grow at 35% per year for the next 3 years after which they 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.)