Cooperton Mining just announced it will cut its dividend from $$4\mathrm{.}09$ to $$2\mathrm{.}54$ per share and use the extra funds to

expand. Prior to the announcement, Cooperton's dividends were expected to grow at a $3\mathrm{.}1\%$ rate, and its share pric

was $$50\mathrm{.}11.$ With the planned expansion, Cooperton's dividends are expected to grow at a $4\mathrm{.}8\%$ 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 $$.($Round to the nearest cent.$)$