JRN Enterprises just announced that it plans to cut its next-year dividend, D, from $2.25 to $1.40 per share and use the extra funds to expand its operations. Prior to this announcement, URN's dividends were expected to grow at 6% per year and JRN's stock was trading at $25.00 per share. With the new expansion, 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 the announcement is closest to A $15.56 B. $25.00 C. $75.00 D. $46.67