Solve the problem

Cooperton Mining just announced it will cut its dividend from $3.85 to $2.55 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a 3.4% rate, and its share price was $51.27. With the planned expansion, Cooperton's dividends are expected to grow at a 4.9% 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.) Is the expansion a good investment? (Select from the drop-down menu.) a good investment