An analyst following CT Limited has compiled the information set out in the table below for the year ended 31 December 2019 to prepare for an analysis. This analysis will be included in a report she was asked to produce (data is in hundreds of millions of Rands). CT Limited uses preference shares, bond and equity financing.

Security type Market value Before-tax required return Preference shares R1000 6% Bonds R1 500 8% Shares R2500 14% Total R5000