DEB Ltd is a listed firm that issued irredeemable preference shares some years ago. These preference shares have a face value of $100, pay a fixed dividend of 13% per annum and the required return on these securities is 8% per annum. There is one full year until the next dividend will be received. Which of the following is closest to the value of a DEB Ltd preference share? $262.50 $30.77 $162.50 $38.46