P7-13 (similar to) Question Help Common stock value-Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool. During the year just completed, Grips earned $3.53 per share and paid cash dividends of $1,83 por share (0 - $1.83). Grips' earnings and dividends are expected to grow at 25% 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.)