Hurricane plans to issue perpetual bonds with face value of $$1,000.$ The one$-$year market interest rate is $8\%,$ while the annual coupon payment is $$80.$ There is an equal chance that by the end of the year market rates will either $($i$)$ fall to $4\%$ or $($ii$)$ increase to $16\%.$ After the change in interest rates, the yield curve is expected to be flat $($at $4\%$ or $16\%).$ What is the value of the straight bond?