Intrinsic Value Calculation Using GGM

ABC Corporation is a public company that operates in the technology sector. It has consistently paid dividends for the past 10 years, with annual growth rates for dividends averaging 8%. The company just paid its annual dividend of $2.50 per share. Analysts estimate that this growth rate will continue indefinitely. The required rate of return for investors in similar risk profiles is assessed at 12%.

Using the Gordon Growth Model (a form of discounted dividend valuation), what is the intrinsic value of ABC Corporation's stock per share?