Two-Stage Dividend Discount Model (DDM) Calculation

XYZ Corp has a current dividend of $2.50 per share. The company’s board of directors announced a policy to increase dividends at an annual rate of 8% for the next 5 years, after which dividends are expected to stabilize growing at a long-term rate of 4% indefinitely. If an investor's required rate of return is 12%, what is the intrinsic value of XYZ Corp's stock using the two-stage Dividend Discount Model (DDM)?