JRN Enterprises just announced that it plans to cut its next-year dividend, D7, from $3.00 to $1.30 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow at 4% per year and JRN's stock was trading at $26.00 per share. With the new expansion, JRN's dividends are expected to grow at 8% per year indefinitely. Assuming that JRN's risk is unchanged by the expansion, the value of a share of JRN after the announcement is dosest to A. $26.00 B. $11.27 C. 517.25 D. $39.80