Burkhardt Corp. pays dividend every year and the company promised to increase its dividend by 3 percent per year indefinitely. Yesterday, the company paid a dividend of $2 ( is $2). Today morning, the company made a news announcement that the dividend growth rate will decline to 1 percent per year indefinitely from now on. If the discount rate is 8 percent per year compounded annually, how much will the price of the companys stock drop today immediately after the news announcement?