JRN enterprises just announced that it plans to cut its dividend from $2.50 to $1.10 per

JRN enterprises just announced that it plans to cut its dividend from $2.50 to $1.10 per share and use the extra funds to expand its operations. prior to this accouncement, JRN's dividends were expected to grow at 6% per year and JRNs stock was trading at $26.00 per share. with the new expansion, JRNs dividends are expected to grow at 12% per year indefinitely. Assuming that JRBs risk is unchanged by the expansion, the value of a share lf JRN after the announcement is closest to:

$69.16

$30.43

$26.00

$11.44