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Rusape (Pty) Ltd has 215176 non-redeemable preference shares which were issued at a price of R48 each. Preference dividends are payable annually in arrears.

Rusape (Pty) Ltd has 215176 non-redeemable preference shares which were issued at a price of R48 each. Preference dividends are payable annually in arrears. The dividend rate is 12%p.a. and the company has recently paid the preference dividend for the current year. The yield on similar non-redeemable preference shares in the market is 11% Calculate the current market value of one (1) non-redeemable preference share in Rusape (Pty) Ltd. Express your answer in rands rounded to two decimal places.

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