Wildcat Bank Ltd has experienced large losses on its commercial loan portfolio and is unable to meet its next two annual interest payments on its recent issue ofunsecured notes. The notes are of $1,000 face value each, mature in May, 2023 and bear a yearly interest coupon payment of 14% per annum.

The Bank paid the interest due this month (May, 2018), and following a meeting of creditors, arranged to defer payment of the next two interest coupons due in May, 2019 and May, 2020 respectively. Under the arrangement with creditors, the Bank will pay the remaining interest coupons (due in May, 2021, May, 2022 and May, 2023) on their due dates, and pay the two deferred coupons (without interest) along with the normal final interest payment and face value of the notes on the maturity date.

Wildcat Bank Ltd's notes are now seen as risky, and require an 18% per annum return.

REQUIRED: Calculate the current value of each Wildcat Bank unsecured note.