Question: Cooperton Mining just announced it will cut its dividend from $3. 82 to $2. 43 per share and use the extra funds to expand. Prior

Cooperton Mining just announced it will cut its dividend from $3.

Cooperton Mining just announced it will cut its dividend from $3. 82 to $2. 43 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. 12. With the planned expansion, Cooperton's dividends are expected to grow at a 4. 5% 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 $

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