Elk County Telephone has paid the dividends shown in the following table over the previous 6 years:

Year	Divident Per Share
2015	$5.35
2014	5.05
2013	4.76
2012	4.49
2011	4.24
2010	4.00

The firm's dividend per share next year is expected to be $5.67.

A) If you can earn 15% on similar-risk investments, what is the most you would be willing to pay per share?

B) If you can earn only 12% on similar-risk investments, what is the most you would be willing to pay per share?

C) According to the findings in parts a and b, as risk decreases, the required rate of return _________

causing the share price to _______.