Common stock valueVariable growth.Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.82 per share and paid cash dividends of $2.12 per share (D0=$2.12). Grips' earnings and dividends are expected to grow at 30% per year for the next 3 years, after which they are expected to grow 5% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of 16% on investments with risk characteristics similar to those of Grips?