Common stock valuelong dashvariable growth newman manufacturing is considering a cash purchase of the stock of grips tool. during the year just completed, grips earned $2.78 per share and paid cash dividends of $1.08 per share (d0equals$ 1.08). grips' earnings and dividends are expected to grow at 25% per year for the next 3 years, after which they are expected to grow 8% 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?