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 $2.92 per share and paid cash dividends of $1.22 per share (Do $1.22) Grips' earnings and dividends are expected to grow at 30% per year for the next 3 years, after which they are expected to grow 5% 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? m The maximum price per share that Newman should pay for Grips is $(Round to the nearest cent)