Cooperton Mining just announced it will cut its dividend from $$4\mathrm{.}03$ to $$2\mathrm{.}42$ per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were

expected to grow at a $3\mathrm{.}4\%$ rate, and its share price was $$50\mathrm{.}45.$ With the planned expansion, Cooperton's dividends are expected to grow at a $4\mathrm{.}8\%$ 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 $$?.($Round to the nearest cent.$)$