Cooperton Mining just announced it will cut its dividend from $ 4.02

$4.02 to $ 2.48

$2.48 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a 3.1 %

3.1% rate, and its share price was $ 49.53

$49.53. With the planned expansion, Cooperton's dividends are expected to grow at a 4.8 %

4.8% rate. What share price would you expect after the announcement? (Assume that the new expansion does not change Cooperton's risk.) Is the expansion a good investment?

The new price for Cooperton's stock will be $

. (Round to the nearest cent.)