1 4 Page 2: 5 8 2 9 6 Page 3: 3 7 10 11 JRN Enterprises just announced that it plans to cut its dividend from $5.60 to $3.90 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow at 3.80% per year and its stock was trading at $124 per share. With the new expansion, JRN's dividends are expected to grow at 6.50% per year. Assuming that JRN's risk is unchanged by the expansion, what is the value of a share of JRN after the announcement? $258.80 $172.52 $124.00 $193.20 $214.74