X-Max Systems is looking to raise R1.2 million capital to finance a new project and the Chief Financial Officer (CFO) has recommended that they issue the following type of preference shares: 12% 10 000 Redeemable preference shares; par value of R 100 The preference shares are redeemable at a 5% discount after 4 years and similar shares are currently trading at 6.5% per annum. The current market value of the redeemable preference shares can be calculated as: O A. R114.96 O B. R116.79 O C. R112.90 O D. R118.84