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 $3.05 per share and paid cash dividends of $1.35 per share (D $135) Grips' earnings and dividends are expected to grow at 35% 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 at has a required retum of 12% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Gripn is $ Round to the nearest cent)