Cooperton Mining just announced it will cut its dividend from $4.06 to $2.49 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a 3.5% rate, and its share price was $50.55. With the planned expansion, Cooperton's dividends are expected to grow at a 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 $31.8831.88. (Round to the nearest cent.)