Cooperton Mining just announced it will cut its dividend from $3.98 to $2.47 per share and use the extra funds to expand. Prior to the announcment, Cooperton dividends were expected to grow at a 3.2% rate, and its share was $48.15. With the planned expansion, Cooperton's dividends are expected to grow at a 4.7% rate. what share price would you expect after the announcement?(Assume that the new expansion does not change Coopertons risk.) Is the expansion a good investment?

(Round to nearest cent)