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In this lesson, the focus is on evaluating an adventure, specifically calculating the market value or present value of a debenture. A debenture is an unsecured debt instrument issued by a company to raise capital. The value of a redeemable debenture is determined by the present value of all future payments and the redeemable value at maturity, which are discounted at the required rate of return. To calculate the market value, future payments and the maturity value are discounted. When a company issues a debenture, the investor receives a coupon rate, which is the interest paid by the company for a specified period.