JRN Enterprises just announced that it plans to cut its next dividend (received one year from now) from $4.4 to $2.1 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow indefinitely at 4% per year and JRN's stock was trading at $25.50 per share. With the new expansion, JRN's dividends in a year are expected to be $2.1 per share and then grow at 8.78% 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 ________. Round your final answer to the nearest cent