Cooperton Mining just announced it will cut its dividend from $4.08 to $2.33 per share and use the extra funds to expand. Prior to the announcement, Cooperton's

dividends were expected to grow at a 3.4% rate, and its share price was $50.02. 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 $ ?