JRN Enterprises just announced that it plans to cut its next-year dividend, D, from $2 75 to $1 20 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 $24.00 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 O A 550 38 BS2400 OC 510.47 OD. $21.99