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

Year	Dividend per share
2015	$7.30
2014	$7.02
2013	$6.75
2012	$6.49
2011	$6.24
2010	$6.00

The firm's dividend per share next year is expected to be$7.59.

a.If you can earn 11% on similar-risk investments, the most you would be willing to pay per share is

nothing. (Round to the nearest cent.)

b.If you can earn 8% on similar-risk investments, the most you would be willing to pay per share is $

nothing. (Round to the nearest cent.)

c. According to the findings in parts a and b, as risk decreases, the required rate of return ____ causing the share price to _____.