Intrinsic Value Calculation of Company Z Using Gordon Growth Model

Company Z has been paying dividends for the last 20 years, and management expects that the dividends will grow at a constant rate of 5% per year indefinitely. The most recent dividend paid was $3.00 per share. The required rate of return for investors in this equity is 12%.

Using the Gordon Growth Model (also known as the Dividend Discount Model for constant growth), what is the intrinsic value of Company Z's stock?