Question 1 [15] Ocean Fishing Ltd financed a new fishing trawler with a long-term loan two years ago. The value of the long-term loan in the statement of financial position is recorded as R8 million. The loan carries an interest rate of 13% and the loan matures at the end of the loan period which is 8 years. The interest rate on current long-term loans is 17.15%. The current tax rate is 30%. The chief executive officer wants to know what the current market value of the long- term loan is Required: Show all calculations and round off all answers to the closest rand. Use the information provided to determine the current value of the long-term loan