Intrinsic Value Calculation using Dividend Valuation

Investors often use the Discounted Dividend Valuation model to estimate the intrinsic value of a stock based on its expected future dividends. According to this model, the value of a stock is the present value of all future dividends to be received by the investor.

John is considering investing in a company that is projected to pay a dividend of $2.00 next year, with a growth rate of dividends of 5% annually. If the required rate of return is 8%, what is the intrinsic value of the stock using the constant growth discounted dividend valuation model?