Common stock valueVariable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $2.93 per share and paid cash dividends of $1.23 per share (D = $1.23). Grips' earnings and dividends are expected to grow at 30% per year for the next 3 years, after which they are expected to grow 8% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of 10% on investments with risk characteristics similar to those of Grips