You have bought 200 bonds issued by Theta Ltd. These bonds have seven years remaining to maturity. Each bond pays an annual coupon of $50 and has a face value of $1,000. Unfortunately, the company is on the brink of bankruptcy, so you and other creditors have allowed Theta to postpone the payment of the next three coupon interest (otherwise, the next coupon payment would have been due in 1 year). However, these postponed payments will accrue interest at an annual rate of 6.5% and will be paid as a lump sum at maturity in Year 7. The remaining coupon payments, for Years 4 through 7, will be made as scheduled. Because of Thetas financial distress, the required rate of return on its bonds is currently 25%. What is each bond worth today?

Show your workings and round your final answers to 2 decimal places.