• Elk County Telephone has paid the dividends shown in the following table over the past 6 years. Year Dividend Per Share 2012 $2.87 2011 2.76 2010 2.60 2009 2.46 2008 2.37 2007 2.25 The firm’s dividend per share next year is expected to be $3.02. Required: a. If you can earn 13% on similar-risk investments, what is the most you would be willing to pay per share? b. If you can earn only 10% on similar-risk investments, what is the most you would be willing to pay per share?