ABC Corp is a publicly traded company with a consistent history of dividend payments and strong brand recognition. Investors are evaluating its stock price using the market-based valuation approach. They are keen to compare ABC Corp with peer companies in the same sector, noting that ABC's earnings growth rate is projected at 10% per year, while the industry average is at 8%.

The stock is currently trading at $80, and analysts are discussing the Price-to-Earnings (P/E) ratio of ABC Corp in the context of the broader market. If the average P/E ratio for the industry is 16, what would be the implied value of ABC Corp's stock using the industry P/E ratio, given that its earnings per share (EPS) are projected to be $5 next year?