Cooperton Mining just announced it will cut its dividend from $$$$4\mathrm{.}14$ to $$$$2\mathrm{.}62$ per share and use the extra funds to expand. Prior to the$$ announcement, Cooperton$\text{'}$s dividends were expected to grow at a $3\mathrm{.}4\%$rate$,$ and its share price was $ $48\mathrm{.}69.$ With the planned$$ expansion, Cooperton$\text{'}$s dividends are expected to grow at a $4\mathrm{.}9\%$ rate. What share price would you expect after the$$ announcement? $($Assume that the new expansion does not change Cooperton$\text{'}$s $$risk$.)$ Is the expansion a good$$ investment?

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Part $1$

The new price for Cooperton$\text{'}$s stock will be $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$