Common stock valueVariable growth-------Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $4.02 per share and paid cash dividends of $2.32 per share (D0=2.32). Grips' earnings and dividends are expected to grow at 40%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 return of 11% on investments with risk characteristics similar to those of Grips? Question content area bottom Part 1 The maximum price per share that Newman should pay for Grips is $?