Using the constant growth dividend discount model to estimate the value of a dividend paying stock, you have determined that the appropriate discount rate $($required return$)$ is $12\%$ while the long term growth rate in dividends is $5\%.$ If you decreased the discount rate by $1\%,$ the estimated stock value would $\_\_\_\_\_\_\_.$ If instead you maintained the same discount rate, but decreased the growth rate by $1\%$ the estimated stock value would $\_\_\_\_\_\_.$No calculation required.

Group of answer choices

b$.$ Decrease, decrease

d$.$ Decrease, increase

c$.$ Increase, increase

a$.$ Increase, decrease