Intrinsic Value Calculation Using Gordon Growth Model

QRS Industries is a rapidly expanding company that has recently implemented a new dividend policy. The company intends to pay a dividend of $2.00 per share next year and anticipates a growth rate of 10% for the foreseeable future. Investors in the market require a return of 12% on investments of similar risk. In performing a discounted dividend valuation, an analyst needs to determine the intrinsic value of QRS Industries' stock based on this information.

What is the intrinsic value of QRS Industries' stock using the Gordon Growth Model?