Common stock valueConstant growthOver the past 6 years, Elk County Telephone has paid the dividends shown in the following table:

Year	Dividend per share
2019	$6.96
2018	$6.75
2017	$6.56
2016	$6.37
2015	$6.18
2014	$6.00

The firm's dividend per share in 2020 is expected to be $7.16.

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 $6.96 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?