Due to the advent and proliferation of life extension technology, the funeral services industry has been seeing a steady year-to-year decline. Press F is a publicly-listed, low-cost chain of funeral homes that specialises in helping bereaved families pay respects. The firm has just paid its annual dividend of $7.75 per share. Shares of Press F currently trade on the market for a price of $39.76 each, with investors requiring a return of 15.5% per annum. Based on the above information, which of the following is closest to the constant annual rate of decline that investors anticipate in the dividends of Press F?

a. 4.96% b. 3.34% c. 3.47% d. 3.99% e. 3.04%