JMC just announced that it plans to cut its dividend payout in the next year (Divi) from $3.00 to $1.50 per share and use the extra funds to expand its operations. Prior to this announcement, JMC 's dividends were expected to grow indefinitely at 3% per year and JMC's stock was trading at $25.50 per share. With the new expansion, JMC's dividends are expected to grow at 8% per year indefinitely. Assuming that JMC's risk is unchanged by the expansion, the value of a share of JMC after the announcement is closest to A $16.23 B. $25.50 C. $20.74 D. $17.11