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 $2.82 per share and paid cash dividends of $1 12 per share (D, $1.12) Grips' earnings and dividends are expected to grow at 25% per year for the next 3 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 eturn of 13% on investments with risk characteristics similar to those of Grips? GEITS The maximum price per share that Newman should pay for Grips is 5 (Round to the nearest cent.)