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Mufasa Ltd. has 500 13% redeemable preference shares in issue. The shares have a face value of R1 000 each and are redeemable 8 years

Mufasa Ltd. has 500 13% redeemable preference shares in issue. The shares have a face value of R1 000 each and are redeemable 8 years from today at a premium of 5%. Interest is paid annually. Similar shares earn interest at 8%. Determine the value of the preference shares today.

		R549 954
		R657 172.70
		R673 549
		R425 294

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