Intrinsic Value Calculation using DDM

Consider a company, ABC Corp, that has consistently paid dividends for the past ten years. Analysts anticipate that ABC Corp's dividends will grow at a rate of 5% annually for the foreseeable future, and then the growth rate is expected to slow to 3% indefinitely after the first ten years.

If the current dividend is $2.00, and the required rate of return for investors is 10%, what is the intrinsic value of ABC Corp's stock using a multi-stage Dividend Discount Model (DDM)? Calculate the present value of projected dividends for the first 10 years and the present value of the terminal value beyond Year 10.