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Question 96
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Gourmet and Company has the following information:1 X+ a z6 C5 G5 t( P. {- C% w ^
Current market value = $250 million
, ]) g$ q4 Y$ b' n+ v! {Current book value = $225 million% _1 ^2 v& x8 V6 s; E. d
Sales = $750 million
$ p( c' ?) f) ]+ T4 q; HEarnings = $75 million9 n9 t+ M& ]! K+ y
Cash flow = $125 million
1 \# E% L" r, q* d9 tStock price = $7.50! U/ {4 i3 f9 o
Which of the following statements regarding Gourmet and Company is most accurate?! j, J, m1 @% U l) f
A) The price/book ratio is 0.90.
2 X: e! {$ m. Q: b8 L( S% C2 WB) The price/cash flow ratio is 0.50.
b- W, C1 ^6 }( {/ VC) The price/sales ratio is 0.33.
3 E4 I% s) m. l) Y- i; _( I: ~# JD) 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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: p* ]) d: K+ a7 Z- E1 hQuestion 97
: q' V# i! t; a2 t& @( [An inverse floater is least accurately described as a floating-rate issue:* p0 K5 K+ o- ^. f& r. ]$ P
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
) Q* @# d( [9 X/ F5 v z- z! {B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
. h# m# K/ B4 d- |C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.# v% g: B" Y8 P1 h
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.+ C6 j9 E) F2 f; l
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答案和详解如下:
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# w" |' Y: P; c& l4 S9 y% A6 DQuestion 98- C+ u1 D6 n( [4 h! ]
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Which of the following statements about embedded call options is most accurate?
% m _: r5 g$ h& {* c3 K2 n' _ kA) The call price acts as a floor on the value of a callable bond.& R3 c. v; P8 s& Q
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.
! A1 s: p: D6 WC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.3 J8 n; w# ?0 R B0 e& P1 v i
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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' F# u& p: Q2 e' t6 z. l答案和详解如下:
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% I, a/ i4 h0 C0 OQuestion 99
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$ {. |6 I+ [% r- t$ r/ W! OA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
7 d2 d' P& j! _+ P% T; pA) 6.5%.5 \. Y! ]1 u+ j' B
B) 7.4%.
, j; J( [" u+ OC) 8.6%.( P7 B& w& L7 P! y4 r4 J ^& Z
D) 8.0%.% z! J" A( w2 l' T' C' G
R2 ]. U. i: b! P. G答案和详解如下:
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Question 100; X U- A# ]2 ]1 a* W. @$ v( | ?
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All other things being equal, which of the following bonds has the greatest duration?
7 J$ a0 d2 k R+ }) z- XA) 5-year, 8% coupon bond.
! l3 i2 Z- P. \, fB) 15-year, 12% coupon bond.
! ` p: ^+ F( |/ m9 x5 i) }+ E; i6 RC) 5-year, 12% coupon bond.
, i- p$ e" Z# G+ e) X& ~! \# E2 @D) 15-year, 8% coupon bond.8 y. a1 P6 y( k$ ~1 }# _8 h
. E: w8 N" x6 W% D7 v5 j答案和详解如下:: i1 v( `. T" w6 O# w, q
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