Calculate the value of $1000$ non$-$redeemable preference shares in Alfred Ltd on $29$ February $2024($today$\text{'}$s date$).$ The dividend rate is $10\%$ on a nominal value of R$1$ per share and is cumulative. Dividends are currently three years in arrears and no dividend is expected to be paid in the current year $(2024)$ or the year thereafter $(2025).$ It is expected that all arrear dividends will be paid in equal installments over a two$-$year period once dividend payments are recommenced on $28$ February $2026.$ The return on similar preference shares is $13\%.$ Round amounts to two decimals