with process please

Newspapers and print media are caught in a downward spiral as advertisers and readers have transitioned to online. RR Donnelley & Sons Co. (NYSE:RRD), a printing firm, is no exception. While last year's annual dividend was $1.78 per share, shareholders have no illusions about the fact that earnings and dividends are on an irreversible downward trend. Shares of RRD currently trade for $14.25. If the cost of capital is 7.0%, what constant rate of decline are shareholders pricing into shares today (assume a constant payout ratio; enter percentage with sign)? %