What is the maximum price per share that Newman should pay for Grips if it has a required return of $13\%$ on investments with risk characteristics similar to those of Grips?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 $$3\mathrm{.}67$ per share andpaid cash dividends of $$1\mathrm{.}97$ per share $($Do $=$ $$1\mathrm{.}97).$ 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 $13\%$on investments with risk characteristics similar to those of grips?