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Cooperton Mining just announced it will cut its dividend from $ 4 . 1 3 to $ 2 . 3 6 per share and use

Cooperton Mining just announced it will cut its dividend from $ 4.13 to $ 2.36 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 $ 48.19. 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?

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