Elk County Telephone has paid the dividends shown below for the past 6 years:

Year Div Per Share

2015 $9.27
2014 $9.00
2013 $8.74
2012 $8.49
2011 $8.24
2010 $8.00

The company's dividend per share next year is expected to be $9.55

a. If you can earn 15% on similar risk investments, the most you would be willing to pay per share

b. If you can earn 12% on investments of similar risk, the most you would be willing to pay per share is

C. Based on the results of parts a and b, as risk decreases, the required rate of return (Increases/Decreases), causing the price to (rise/decrease)