Cooperton Mining just announced it will cut its dividend from $3.88 to $2.31 per share and use the extra funds to expand. Prior to the? announcement, Cooperton's dividends were expected to grow at a 3.3% ?rate, and its share price was $48.56. With the planned? expansion, Cooperton's dividends are expected to grow at a 4.8% rate. What share price would you expect after the? announcement? (Assume that the new expansion does not change? Cooperton's risk.) Is the expansion a good? investment?
The new price for? Cooperton's stock will be ?$___ ?(Round to the nearest? cent.)