What is the appropriate discount rate to use when estimating a firm's intrinsic value using a dividend

Question:

What is the appropriate to use when estimating a firm's intrinsic value using a discount model? Explain why.
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...