JRN Enterprises just announced that it plans to cut its next-year dividend, D1, 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 $24.50 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. $22.97 B. $10.69 C. $24.50 D. $52.64