Common stock valueVariable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.16 per share and paid cash dividends of $1.45 per share (D-51.46). Grips' earnings and dividends are expected to grow at 20% per year for the next 3 years after which they are expected to grow 5% per year to Infinity. What is the maxdimum price per share that Newman should pay for Grips if it has a required return of 12% 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) Enter your answer in the answer box and then click Check Answer All parts showing Clear All Check