Over the past 6 years, Elk County Telephone has paid the dividends shown in the following table

2019 $1.28 2018 $1.22 2017 $1.16 2016 $1.10 2015 $1.05 2014 $1.00

The firm's dividend per share in 2020 is expected to be $1.34.

a.If you can earn 13% on similar-risk investments, what is the most you would be willing to pay per share in 2019, just after the $1.28 dividend?

b. If you can earn only 10% 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?