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 $3.77 per share and paid cash dividends of $2.07 per share (0 = $2.07) Grips earnings and dividends are expected to grow at 20% per year for the next 3 years after which they are expected to grow 5% per year to infinity What is the maximum price por share that Newman should pay for Grips if it has a required retum of 10% on investments with risk characteristics similar to those of Grips? CELO The maximum price per share that Newman should pay for Grips is $ (Round to the nearest cent)