JRN Enterpnises just announced that it plans to cut its next-year dividend, D1, from $2.50 to $1.20 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expectod to grow at 6% per year and JRN's stock was trading at $24.00 per share. With the new exparision. JRN's dividends are expected to grow at 12% per year indefinitely. Assuming that JRN's risk is unchanged by the expansion, the value of a share of JRN after tho announcement is closest to: A. $11.52 B. $24.00 c. $56.60 D. $27.17