Cooperton Mining just announced it will cut its dividend from $$3\mathrm{.}95$ to $$2\mathrm{.}34$ per share and use the extra funds to

expand. Prior to the announcement, Cooperton's dividends were expected to grow at a $3\mathrm{.}5\%$ rate, and its share price

was $$50\mathrm{.}67.$ 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 $$.($Round to the nearest cent.$)$