Cooperton Mining just announced it will cut its dividend from $4.00 to $2.50 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a 3.0% rate, and its share price was $50.00. With the planned expansion, Cooperton's dividends are expected to grow at a 5.0% 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 S(Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer part remaining Clear All Check