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At the close of business, a particular stock was up by $230\%$ of the previous day's price. If the stock was selling at $\$34.40$ yesterday, before the increase, what is its new price?

A

$\$79.12$

B

$\$68.80$

C

$\$110.08$

D

$\$113.52$

E

$\$55.40$

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