Smith Ltd has non$-$cumulative, non$-$redeemable preference shares in issue. The issue price wasR$1\mathrm{.}00$ each and the coupon preference dividend rate is $12\%$ per annum, payable once a year in arrears. The company has not paid out a dividend in recent years but expects to recommence dividend payments in two years$$ time from today. What is the value of each preference share if similar preference shares are quoting yields of $9\%$ per annum? Question $10$Answer A$.$ R$1\mathrm{.}22$ B$.$ R$1\mathrm{.}33$ C$.$ None of the above D$.$ R$1\mathrm{.}00$ E$.$ R$0$