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Question 968 c$ x$ n1 K% B d- d( l
) L5 z/ G' f6 P$ l+ D+ t0 O% ]Gourmet and Company has the following information:
1 s) a \9 A" j4 h+ qCurrent market value = $250 million& {# v6 M, s* R4 y# C7 Z
Current book value = $225 million2 ?. ]: v9 V4 g, Y' S
Sales = $750 million
, [8 H& A% \) `Earnings = $75 million5 G' B/ G$ Y: _& z" T1 h) G9 N9 g
Cash flow = $125 million- s1 k' [( g# ^4 t. n6 K4 L
Stock price = $7.50 m& l1 b# \" O
Which of the following statements regarding Gourmet and Company is most accurate?
6 g1 ?# h+ S+ [# K% ]A) The price/book ratio is 0.90.
; W! \( B) r0 X* l5 ?B) The price/cash flow ratio is 0.50.
o, a- x |: M E/ g# gC) The price/sales ratio is 0.33.: t ]2 Q+ ~# y. ~/ y4 Y( {+ e
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：
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Question 97
* V4 u: w& n, h+ |An inverse floater is least accurately described as a floating-rate issue:
) E, g( Z/ F- q) Y7 Z- }8 jA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.. w) i& T/ m' }8 t$ }
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
% z( \) l. Q I: L- d! P2 f1 d& IC) whose coupon is determined by subtracting a reference rate from some stated maximum rate." \8 Z5 g8 O$ N3 j
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.* H. p8 s* L: @8 n" ^& c- d$ {
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答案和详解如下：
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Question 98
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, K3 A0 v+ Q; }! F3 l+ A3 D6 uWhich of the following statements about embedded call options is most accurate?
5 N5 h0 M# I# B/ R1 v% GA) The call price acts as a floor on the value of a callable bond.6 k. A a1 J, H
B) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.3 c1 X7 ?; C) H# E4 H
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.' q i( n% l. B
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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6 ~/ z1 X, b, m' @! qQuestion 99
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' m$ [: o: l" w7 o- p# q" qA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
1 H w" E' G0 ?6 ]A) 6.5%.. Q5 z8 P3 M4 T; u6 W3 x( ~' L
B) 7.4%.
" C. p7 @/ e& l) Q- hC) 8.6%.
2 h* O! ]& P6 z2 a% U4 zD) 8.0%.$ X7 |8 P' s) G* B9 q5 Q
/ ?' K' I7 q, f3 x b答案和详解如下：
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0 b" e u8 P; b5 \' T( PQuestion 100' z, a* H. I3 c" ?6 l- x
! m2 M) |- S2 F- ?' c9 M9 KAll other things being equal, which of the following bonds has the greatest duration?
- d ?: R5 f7 p6 Y. w+ @* uA) 5-year, 8% coupon bond.
) S- A8 F3 w* U7 @7 uB) 15-year, 12% coupon bond.
3 V3 y( y/ [+ X0 FC) 5-year, 12% coupon bond.0 Y: R5 R* J9 \" M% _
D) 15-year, 8% coupon bond.& T. `* g9 m! a
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答案和详解如下：
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发表于 2015-7-21 08:59:22
