Intrinsic Value Calculation using Gordon Growth Model

ABC Corporation is a well-established firm in the consumer goods sector. The company is expected to pay a dividend of $3.50 next year, with dividends expected to grow at a constant rate of 6% per year indefinitely. The required rate of return for equity investors in similar companies is 10%.

Using the Gordon Growth Model, what is the intrinsic value of ABC Corporation’s stock per share?