Common stock value Variable growth Newman Manufacturing is considering a cash purchase of the stock of Grips Tool During the year just completed. Grips eamed $3.81 per share and paid cash dividends of $2.11 per Share ( 0 2 .11). Op earrings and dividends are expected to grow 40% per year for the next 3 years after which they we 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 12% on investments with risk characteristics similar to those of Grips? The maximum price per share that Newman should pay for Gripsi (Round to the nearest cant)