Intrinsic Value Calculation using Gordon Growth Model

ABC Corp. is expected to pay a dividend of $2 per share next year. The company has a historic growth rate of dividends of 5% per year, and you are using a required rate of return of 10% to evaluate the stock. You want to determine the intrinsic value of ABC Corp.'s stock based on the discounted dividend valuation model.

According to the Gordon Growth Model, the intrinsic value (P) of a stock that pays dividends can be calculated using the formula: P = D / (r - g), where D is the expected dividend next year, r is the required rate of return, and g is the growth rate of the dividend. Using this information, what is the intrinsic value of ABC Corp.'s stock?