Question

A corporate bond has a coupon rate of $10$ percent, a $$1,000$ face value, and matures $4$ years from today. The corporation is in a serious financial situation and has announced that no future annual interest payments will be paid and that only $50$ percent of the face value will be repaid but that payment will be delayed by $3$ years. What is the current value of this bond to a bondholder with a required rate of return of $16\mathrm{.}8$ percent?