P7-12 Common stock value: Constant growth Over the past 6 years, Elk County Telephone has paid the dividends shown in the following table. Year 2019 2018 2017 Dividend per share $2.87 2.76 2.60 2.46 2.37 2.25 2016 2015 2014 The firm's dividend per share in 2020 is expected to be $3.02. 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 $2.87 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 contrast your findings in parts a and b, and discuss the impact of changing risk on share value