$1$ pts

Spring Winter Ltd $($SWL$)$ has irredeemable preference shares on issue. The fixed $($nominal$)$ dividend rate is $9\mathrm{.}4\%$ pa and dividends are payable every six months. A dividend is payable tomorrow. The face value of each preference share is $$100.$ The required $($compound$,$ or effective$)$ rate of return is $10\mathrm{.}25\%$ pa$.$

The current price of an SWL preference share is closest to:

$($A$)$ $$91\mathrm{.}71$

$($B$)$ $$94\mathrm{.}00$

$($C$)$ $$96\mathrm{.}41$

$($D$)$ $$98\mathrm{.}70$