$11-$ Ray steel company just paid a $$5$ dividend. If you require a $7\%$ return on this stock, how much will you pay for it:

a$)$ If management wants to increase the dividend by $4\%$ each year indefinitely.

b$)$ If management wants to reduce the dividend by $3\%$ each year indefinitely.

c$)$ If management wants to neither increase nor decrease the dividend indefinitely.