Elk county telephone has paid the dividends shown in the following table over the previous 6 years

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

$6.33.

Year	Dividend per share
2015	6.08
2014	5.85
2013	5.62
2012	5.41
2011	5.20
2010	5.00

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

b.If you can earn only 9% 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?