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The National Australia Bank wants to obtain short-term funds on the money market and issues a 30-day Certificate of deposit (COD) to a wholesale investor.

The National Australia Bank wants to obtain short-term funds on the money market and issues a 30-day Certificate of deposit (COD) to a wholesale investor. The amount of the deposit is $20,000,000 and the relevant rate is 4.5% p.a.

What is the Face Value of one of the Certificates of Deposit? What does this value mean?

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