JRN Enterprises just announced that it plans to cut its dividend from $2.25 to $1.3 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow indefinitely at 6% per year and JRN's stock was trading at \$24 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. $38.24 B. $13.83 C. $66.18 D. $23.94