Cooperton Mining just announced it will cut its dividend from $4.06 to $2.42 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at rate, and its share price was $50.64. 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 E 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.)

GROWTH RATE IS 3.2%