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The market value of a zero-coupon bond is the current price of the bond, while the face value is the amount that will be paid at maturity. In other words, the market value represents what an investor can expect to receive by investing in the bond today, while the face value reflects what they should expect to receive upon maturity. For example, if a zero-coupon bond has a face value of $1,000 and a current market rate of 5%, then its market value would be $950.