Old Timers (Pty) Ltd is a company buying and restoring antique furniture. The company is owned by the Goldman family and Adam Goldman has a 75% shareholding in the company. Adam is well-known and very influential in the industry and the company decided to take out a pure risk policy on Adam’s life (keyperson policy). The company is paying the premiums of the policy and the sum assured is R4 750 000. The company has been paying the premium of R10 000 per year for the past 5 years. 

Calculate the estate duty payable (if any) based on the sum assured (assuming the total estate exceeds R3.5 million)