Common stock value-Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Gri eamed $3.73 per share and paid cash dividends of $2.03 per share (0, - $2.03). Grips' camings and dividends are expected to grow at 25% per year for the next years, after which they are expected to grow 7% per year to Infinity. What is the maximum price per share that Newman should pay for Grips if it has a required retu of 11% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Gripsis (Round to the nearest cent)