Common stock valueConstant growthPersonal Finance ProblemOver the past 6 years, Elk County Telephone has paid the dividends shown in the followingtable (BELOW) The firm's dividend per share in 2020 is expected to be $1.50. a.If you can earn 14% on similar-risk investments, what is the most you would be willing to pay per share in 2019, just after the $1.40 dividend? b.If you can earn only 11% 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? -- a.If you can earn 14% on similar-risk investments, the most you would be willing to pay per share is $?? (Round to the nearest cent.) b.If you can earn11% on similar-risk investments, the most you would be willing to pay per share is $???. (Round to the nearest cent.) c.According to the findings in parts a and b, as riskdecreases, the required rate of return (INCREASE OR DECREASES?), causing the share price to (RISE OR FALL?)

Year	Dividend per share
2019	$1.40
2018	$1.31
2017	$1.23
2016	$1.14
2015	$1.07
2014	$1.00