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Cooperton Mining just announced it will cut its dividend from $3.94 to $2.56 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 $48.34. 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.)

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