Cooperton Mining just announced it will cut its dividend from

$4.17

to

$ 2.36

per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a

3.2 %

rate, and its share price was

$ 50.68

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?