Company has 50 million outstanding shares with par value of R1 each, shares recently paid a dividend of 220 cents. Dividend has been growing at a steady rate of 5% over the years. The company beta is 1. The company also has 100000 bonds in issue. Debt trades at a yield to maturity of 8%. Debt has par value of R1000 each and pays coupon of 10% p/annum paid semi-annualy. The debt has 4 years remaining to maturity. Calculate market value of debt :

A) 106 624 253.7 or B) 106 732 744.9 or C) 100 000 000 or D) 93 660 269.11 or E) 932 253 000