JRN Enterprises just announced that it plans to cut its next-year dividend, Dy, from 52.00 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 closest to: C. O A. $26.00 O B. $35.21 O C. $16.90 OD. $54.17