Intrinsic Value Calculation of BFT Using DDM

Bright Future Technologies (BFT) is a mid-sized company specializing in renewable energy solutions. The company has announced that it will pay a dividend of $4.00 per share next year. BFT's management believes that the dividends will grow at a rate of 6% per year for the foreseeable future. Investors require a return of 10% on investments in similar risk profiles. Based on the Dividend Discount Model (DDM), what is the intrinsic value of BFT's stock?