Cooperton Mining just announced it will cut its dividend from $3.78 to $2.69 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a 3.3% rate, and its share price was $48.64. With the planned expansion, Cooperton's dividends are expected to grow at a 4.7% rate. What share price would you expect after the announcement?

(Assume that the new expansion does not changeCooperton's risk.) Is the expansion a good investment?