Last year, the stock of IBM traded for (an average of) $100 per share with expected dividends (D1) equal to $6 per share, a required rate of return of 12% and a rate of growth of dividends of 6%. Because of sharp competition in the technology sector, the market revised its estimate of the company’s dividend growth rate, making it only 4%. Quantify the effect of a change in that rate on the stock price.