Common stock valueConstant growth Personal Finance Problem. Over the past 6 years, Elk County Telephone has paid the dividends shown in the following table,

Year	Dividend per share
2019	$2.55
2018	$2.43
2017	$2.32
2016	$2.21
2015	$2.10
2014	$2.00

The firm's dividend per share in 2020 is expected to be $2.68.

a. If you can earn 13% on similar-risk investments, what is the most you would be willing to pay per share in 2019, just after the $2.55 dividend?

b. If you can earn only 10% on similar-risk investments, what is the most you would be willing to pay per share?

c. Compare your findings in parts a and b, what is the impact of changing risk on share value?