This question assesses your understanding of financial valuation methods related to a firm's capital structure, specifically focusing on calculating the current value of different financial instruments, such as bonds, ordinary shares, and preference shares. Cresta Inc.$$s capital structure provides a real$-$world example to apply these valuation techniques, taking into account market returns and financial data provided for each element of the firm's capital.

The capital structure of Cresta Inc. is composed of the following elements:

Debt: $50\%$ in outstanding non$-$callable bonds with a $9\%$ coupon rate, paying annually, and an annual before$-$tax yield to maturity of $8\mathrm{.}5\%.$ The face value of the bonds is $$1,000,$ and they will mature in $30$ years.

Ordinary Shares: $35\%$ in ordinary shares. The company plans to distribute a $$6\mathrm{.}20$ dividend per share in the upcoming fiscal year. The firm anticipates a steady $4\%$ annual growth rate in dividends indefinitely.

Preference Shares: $15\%$ in outstanding preference shares with a face value of $$100,$ offering a fixed dividend rate of $10\mathrm{.}8\%.$

Required:

$($a$)$ Calculate the current price of the corporate bond.

$($b$)$ Calculate the current price of the ordinary share if the average return of the shares in the same industry is $12\mathrm{.}3\%.$

$($c$)$ Calculate the current value of the preference share if the average return of the shares in the same industry is $11\mathrm{.}2\%.$