Intrinsic Value Calculation of ABC Corporation Using DDM

ABC Corporation is a well-established company that has consistently paid dividends over the past decade. Currently, the company is expected to pay a dividend of $2.50 per share next year, with dividends anticipated to grow at a constant rate of 5% per year. The required rate of return for ABC Corporation’s stock, based on its risk profile and market conditions, is 10%.

Using the Gordon Growth Model, also known as the Dividend Discount Model (DDM), what is the intrinsic value of ABC Corporation's stock?