Cooperton Mining just announced it will cut its dividend from $$3\mathrm{.}88$ to $$2\mathrm{.}59$ per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were

expected to grow at a $3\mathrm{.}1\%$ rate, and its share price was $$48\mathrm{.}96.$ With the planned expansion, Cooperton's dividends are expected to grow at a $4\mathrm{.}7\%$ rate. What share price woul

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 $$.($Round to the nearest cent.$)$