P$7-13$ Common stock value: Constant growth In $2017,$ Elk County Telephone paid a dividend of $$2\mathrm{.}25$ per share. By $2022,$ that dividend had grown to $$2\mathrm{.}87$ per share. Assume that this historical growth rate is a good estimate of the long$-$run dividend growth rate for Elk County Telephone and that the next dividend will be $$3\mathrm{.}01$ per share.

a$.$ If you can earn $13\%$ on similar$-$risk investments, what is the most you would be willing to pay per share in $2022,$ just after the $$2\mathrm{.}87$ 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 and ocntrast your finding in parts a and b and discuss the impact of the discount rate on share value