JRN Enterprises just announced that it plans to cut its next-year dividend, Dy, from $2.75 to $1.10 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow at 5% per year and JRN's stock was trading at $24.00 per share. With the new expansion, JRN's dividends are expected to grow at 10% 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: C. O A. $9.60 OB. $24.00 O C. $17.03 OD. $42.58