JRN Enterprises just announced that it plans to cut its dividend

from $ $2\mathrm{.}50$ to $ $1\mathrm{.}50$ per share and use the extra funds to expand

its operations. Prior to this$$ announcement, JRN$\text{'}$s dividends were

expected to grow at $4\%$ per year and$$ JRN$\text{'}$s stock was trading at $

$24\mathrm{.}00$ per share. With the new$$ expansion, JRN$\text{'}$s dividends are

expected to grow at $8\%$ per year indefinitely. Assuming that$$ JRN$\text{'}$s

risk is unchanged by the$$ expansion, the value of a share of JRN

after the announcement is closest$$ to: