FIN 315-05 III Homework: Chapter 7. Stock HW Score: 0%, 0 of 16 points & Question 8, P7-13 (book/static) O Points: 0 of 1 Valuation Save Next question Common stock valueVariable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed. Grips earned $4.25 per share and paid cash dividends of $2.55 per share (Do = $2.55). Grips' earnings and dividends are expected to grow at 25% per year for the next 3 years, after which they are expected to grow 10% per year to infinity. What is the maximum price per share that Newman should pay for Grips if it has a required return of 15% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Grips is S (Round to the nearest cent.)