A firm just announced that it will cut its dividend from 4.9 dollars per share to 2.1 dollars per share at the end of this year. The dividend was expected to grow 2.7% every year before the announcement but it is now expected to grow 5.6% every year. The share price before the announcement was 70 dollars. What is its new share price after the announcement assuming that the additional investment does not change the firm''s risk? Provide two digits after the decimal point.
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