Common stock value-Varlable growth Newman Manutacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $4 of per share and paid cash dividends of $2.36 pot ahare (D0=$2.36). Grips' earnings and dividends are expected to grow at 20% por year for the need 3 years, affer which they are erpocted to grow 9% per year to interity. What is the maximum price per share that Newman should pay for Gripe if it has a required retum of 10 Ni on investments with risk characteristica timilar to those of Gript? The maximum price per share that Newman should pay for Grips is 5 (Round to the nearest cent)