A piece of paper is in the shape of a right angled triangle and is cut along a line that is parallel to the hypotenuse, leaving a smaller triangle. There was a $35\%$ reduction in the length of the hypotenuse of the triangle. If the area of the original triangle was $34$ square inches before the cut, what is the area (in square inches) of the smaller triangle?
- $16.665$
- $16.565$
- $15.465$
- $14.365$