Valuation of ABC Enterprises Share Using Gordon Growth Model

ABC Enterprises is a mature company that has consistently increased its dividends over the years. In the most recent fiscal year, ABC Enterprises paid a dividend of $3.00 per share. The company's management expects to increase the dividend by 4% annually for the foreseeable future. Investors require a return of 8% to invest in ABC Enterprises’ stock.

Using the Gordon Growth Model, what is the value of one share of ABC Enterprises based solely on its expected future dividends?