Homework: Homework ch7 Save Score: 0 of 1 pt 3 of 6 (6 complete) HW Score: 83.33%, 5 of 6 pts P7-13 (similar to) 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 $3.24 per share and paid cash dividends of $1.54 per share (Do = $1.54). Grips' earnings and dividends are expected to grow at 35% per year for the next 3 years, after which they are expected to grow 6% 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.)