JRN Enterprises just announced that it plans to cut its next$-$year dividend, $D_1,$ from $$3\mathrm{.}00$ to $$1\mathrm{.}40$ per share and use the extra funds to expand its operations. Prior to

this announcement, JRN$\text{'}$s dividends were expected to grow at $3\%$ per year and JRN$\text{'}$s stock was trading at $$25\mathrm{.}00$ per share. With the new expansion, JRN$\text{'}$s dividends

are expected to grow at $6\%$ 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:

A$.$ $$15\mathrm{.}56$

B$.$ $$11\mathrm{.}67$

C$.$ $$33\mathrm{.}33$

D$.$ $$25\mathrm{.}00$