Exfect Ltd is a software developing company with significant intangible assets. Thedirectors want to calculate the CIV $($Calculated Intangible Value$)$ of the company.Exfect Ltd reported a profit before interest and tax of R$25$ million in the most recentaccounting period. The company has a WACC of $10\%.$ Its debt finance comprises along term bond with a coupon rate of $7\%$ and a nominal value of R$10$ million. Theindustry average pretax return on assets for the software development industry is $13\%,$and the corporate tax rate is $27\%.$ Its tangible assets are worth R$15$ million.What is the CIV of Exfect Ltd $($to the nearest R$0\mathrm{.}1$ million$)?(3)$A R $163\mathrm{.}2$ millionB R $168\mathrm{.}3$ millionC R $140\mathrm{.}2$ millionD R $136\mathrm{.}0$ million