Assume that the Constant-Growth DDM is the appropriate valuation model for a stock index such as the Dow Jones Industrial Average (DJIA). Assume further that the long-term annual market return for the DJIA is expected to be 8%, the long-term expected growth rate in dividends for the DJIA is expected to be 4.5% and that the DJIA is currently fairly valued at 30,000. If investors change their expectation for the long-term growth rate in dividends from 4.5% to 3.0%, what would be the expected change in the value of the DJIA?

B. -31.00%

A. +31.00%

D. -15.00%

C. +15.00%