P7-13 (similar to) D Assigned Media Question Help 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 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 16% 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.)