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Question 969 p' Y) S+ o) J# C) Y" W( A2 f* w
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Gourmet and Company has the following information:( M$ ~5 c! b; t2 w e
Current market value = $250 million
7 H) [3 Y/ c5 n4 |8 P ]" ~" T1 c0 dCurrent book value = $225 million2 g# G5 H+ ^+ M& T1 ^' E
Sales = $750 million1 k a0 N5 R* v, @/ t! Q: k6 }6 z' T
Earnings = $75 million
, t+ r. {4 Q' x7 bCash flow = $125 million
5 e' z6 \. K8 m$ J, Q8 }- @! jStock price = $7.501 z* e* ]* n- ^
Which of the following statements regarding Gourmet and Company is most accurate?
, e4 N% J8 Q; m# A( p4 o4 LA) The price/book ratio is 0.90.% L+ Y! s. o$ ~1 l
B) The price/cash flow ratio is 0.50.
& S ?' U: J# T7 ]C) The price/sales ratio is 0.33.3 ~# P* N6 o0 s1 w/ L" K8 n6 D6 X
D) The price to earnings (P/E) ratio is 33.3.
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# P" ]6 v! C6 W0 u- j) ^4 s, a& { D- aQuestion 97* V# l! j8 m$ ^* [1 }% }
An inverse floater is least accurately described as a floating-rate issue:
# y3 r8 x. Y# x& G- H4 J+ {4 v' XA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.) i4 l! S3 _4 q% g, h3 ]/ W
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
% R, v9 W9 y! fC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
, a- r2 f' r5 P& X* E' \7 dD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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5 Q( q- W6 `2 G答案和详解如下：( Q; a$ A% {% T2 u" K/ a
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Question 98& Y3 u2 A) n) A3 G" D# [1 \
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Which of the following statements about embedded call options is most accurate?: Y |% A3 d0 C* A$ m7 f( j
A) The call price acts as a floor on the value of a callable bond.
2 V6 a. M" Q2 g* zB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
/ B, U3 ~: M4 g1 N8 Y- DC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.' S# k9 I0 y5 u" {4 M/ x8 l5 d
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：
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- X( j2 z& o) ]! }6 a l6 u/ X/ VQuestion 99
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3 I, x m) n, n; |4 yA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
* q: c; }2 P/ \A) 6.5%.6 `& L! r' f$ s* T
B) 7.4%.
" w4 z" `4 l p7 PC) 8.6%.
3 R& ]( G8 O3 l! h) ^D) 8.0%.8 R, L. j3 D$ o8 E# ]* j
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答案和详解如下：
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- X8 {" w6 i: W0 hQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?" |: _3 [9 e5 h" A4 G; Y! ~' h
A) 5-year, 8% coupon bond.
) U6 T! o# y$ Y7 ~3 c3 k3 LB) 15-year, 12% coupon bond.
# y$ `. H1 \5 i7 V1 [) `+ JC) 5-year, 12% coupon bond.- x- j% V9 @1 k
D) 15-year, 8% coupon bond.! n' b* Z! g/ g: H" u1 s2 D( o
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答案和详解如下：+ O" [; }' U1 F6 E3 k6 |. J: R
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发表于 2015-7-21 08:59:22
