In the context of the Dividend Discount Model (DDM), an investor is analyzing a company that is expected to pay a dividend of $3 per share next year, and the dividends are projected to grow at a constant rate of 5% annually. If the required rate of return for this investment is 10%, what is the fair value of the stock according to the Gordon Growth Model?

To find the fair value, use the formula: P = D / (r - g), where P is the price, D is the expected dividend, r is the required rate of return, and g is the growth rate of the dividend.