The Burleigh Basin Surf Co. issued perpetual preference shares at a price of $100 approximately 8 years ago. The company pays a quarterly dividend of $2.60 on these shares.

Required:

What is the approximate current price of this preference share given a required rate of return of 12.5% (round to the nearest $2)?

$20.80

$47.25

$80.00

$83.20