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Faye paid $20,000 for the GMAC debenture because this amount reflects the market value or negotiated price at which she acquired the debenture. Debentures are a type of debt instrument that company issues to raise capital, typically offering regular interest payments to investors. The specified price would generally be based on various factors, including the interest rate environment, the creditworthiness of GMAC, and prevailing market conditions.

In this context, understanding the pricing of financial instruments like debentures is crucial for anyone involved in trust and fiduciary activities, as it helps assess the investment's value and provide informed recommendations. Additionally, this price is in line with what would be expected for such an investment, demonstrating a reasonable transaction in the context of financial planning and management.