Common stock value---Variable growth Newman Manufacturing is considering a cash purchase of the stock of Gips Tool. During the year just completed, Grips earned $3.41 por share and paid cash dividends of $1.71 per share (0 = $1.71). Grips' earnings and dividends are expected to grow at 20% 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 totum of 13% 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.)