Homework: HW7 - Chapter 7 Homework Save Score: 0 of 12 pts 8 of 10 (0 complete) HW Score: 0%, 0 of 120 pts P 7-17 (similar to) Question Help Cooperton Mining just announced it will cut its dividend from $3.94 to $2.61 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a 3.1% rate, and its share price was $50.86. 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 $ (Round to the nearest cent.)