IntegrativeRiskand valuationGiant Enterprises' stock has a required return of 14.7%. The company, which plans to pay a dividend of $2.32 per share in the coming year, anticipates that its future dividends will increase at an annual rate consistent with that experienced over 2013-2019 period, when the following dividends were paid.. a.If the risk-free rate is 6%, what is the risk premium on Giant's stock? b.Using the constant-growth model, estimate the value of Giant's stock. (Hint:Round the computed dividend growth rate to the nearest whole percent.) c.Explain what effect, if any, a decrease in the risk premium would have on the value of Giant's stock.

Year	Dividend per Share
2019	$2.21
2018	$2.10
2017	$2.00
2016	$1.91
2015	$1.82
2014	$1.73
2013	$