Common stock valueVariable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.08 per share and paid cash dividends of $1.38 per share (Do = $1.38). 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 it has a required return 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.) Common stock valueVariable growth Lawrence Industries' most recent annual dividend was $2.32 per share (Do = $2.32), and the firm's required return is 12%. Find the market value of Lawrence's shares when dividends are expected to grow at 30% annually for 3 years, followed by a 4% constant annual growth rate in years 4 to infinity. The market value of Lawrence's shares is $. (Round to the nearest cent.)