Cooperton Mining just announced it will cut its dividend from

$3.93

to

$2.66

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

$48.65.

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 $___(Rounf to the nearest cent.)