CASE $3$: ABC LTD ABC Ltd $($ABC$)$ is a retailer with outlets nationwide. The entity plans to open a new outlet in the Free State. ABC will however require funding to the value of R$1550000.$ The entity is considering issuing $11\mathrm{.}2\%$ cumulative, non$-$redeemable preference shares. Similar preference shares offer a yield of $11\mathrm{.}75\%.$ Each preference share will have a nominal value of R$10.$ During the first four years, no dividends will be paid for ABC to retain the funds for the future development of the outlet. Thereafter, ABC will pay the annual dividends on these preference shares. Refer to CASE $3$: ABC LTD$.$ Calculate the current value of each preference share