JRN Enterprises just announced that it plans to cut its dividend from $ 2.50 to $1.40 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow at 6% 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 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. $26.00

B. $14.56

C. $69.16

D. $ 38.73