Richard Co. recently paid a divident of $1.25 on its common shares. Dividents are expected to grow at a constant rate of 3%. The company's current cost of equity is 12%. Today, Richardo's CEO announced that the next divident (to be paid next year) would be only $0.90. This announcement, along with other market conditions, caused investors to reassess Richardo's risk, resulting in an increase in the company's cost of equity to 15% and a reduction of the expected future growth rate of dividents to 1.2%. What would likely happen to the value of Richardo's common shares following this announcement? a) A decline of $4.73 per share b) A decline of $7.37 per share c) A decline of $7.71 per share d) A decline of $7.79 per share Thanks!