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Cooperton Mining just announced it will cut its dividend from $4.06 to $2.63 per share and...

Cooperton Mining just announced it will cut its dividend from $4.06 to $2.63 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 $48.65. With the planned​ expansion, Cooperton's dividends are expected to grow at a 4.6% 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?

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