Cooperton Mining just announced it will cut its dividend from $$4\mathrm{.}17$ to $$2\mathrm{.}34$ 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{.}13.$ 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 $$.($Round to the nearest cent.$)$