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Question 964 M7 T2 [' I) n
3 L( P b" d. e4 }" A$ PGourmet and Company has the following information:: f7 a2 l5 J7 v9 h7 |
Current market value = $250 million* U+ j+ ?: J: W, E7 A# `9 F
Current book value = $225 million6 x: N1 P/ t' I
Sales = $750 million: ^ W" r. N2 B# @& F9 } u/ u9 {; }
Earnings = $75 million& H/ f' C) p# _1 s$ U. U( ?8 u* \. c" j
Cash flow = $125 million7 x4 A& i; V& f8 t" b8 B6 H" z
Stock price = $7.50
0 R1 }7 T( O# h; uWhich of the following statements regarding Gourmet and Company is most accurate?3 x) N) ^$ o5 z6 i) P: E
A) The price/book ratio is 0.90.- f! k1 `5 V" M3 E. G
B) The price/cash flow ratio is 0.50.0 J4 {0 D8 |, W: a9 D
C) The price/sales ratio is 0.33.
* l2 u* D/ C/ w4 m' n- |$ u( Z! fD) The price to earnings (P/E) ratio is 33.3.* h4 c& e) v% s# t. D
2 x& j( u/ X/ e- w0 |$ F答案和详解如下：& W( B, J+ Q9 H. K' \4 D
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Question 978 o+ m0 e* L; z8 _0 u
An inverse floater is least accurately described as a floating-rate issue: h5 o/ G& C8 Q
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.5 @2 l% j0 f0 {$ N. t
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.) q2 [# u& z+ o6 n% ~9 K2 Y
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
4 z* X& W5 N" o. u# J0 N2 fD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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4 F1 z, K9 r. H: V答案和详解如下：
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5 d9 K% q7 ?& V* xQuestion 98' |) d% ^" H. r! U2 F
7 J! i. q- E" k0 Y6 mWhich of the following statements about embedded call options is most accurate?
# ?: |. w' ^6 d& e& `A) The call price acts as a floor on the value of a callable bond.; M% V" b1 S+ l9 P, H6 D
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., V- L; w6 H9 S; G
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
: l% ?# P7 f* BD) 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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Question 999 e" I- S6 E8 h% o
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
! g; O) W. F, Q# d( Q9 H! |A) 6.5%.
) C1 e3 M# q p9 Y7 LB) 7.4%.
0 F: I6 c c7 j; g" z- lC) 8.6%.! u) q; p+ v2 f% s5 [' v% C" T1 N
D) 8.0%.
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答案和详解如下：. ^. J0 l6 ^1 {! a" m4 k
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" U1 I; Y% m5 I: V% nQuestion 100+ m% e4 b. R8 V0 ~" k5 p
4 Q3 R9 i% y$ S1 XAll other things being equal, which of the following bonds has the greatest duration?- f& ~" F) s; M, z* m
A) 5-year, 8% coupon bond.
$ s7 Z$ V/ \: T8 \B) 15-year, 12% coupon bond.; y8 q7 {9 u) W+ O+ {0 N3 U
C) 5-year, 12% coupon bond.2 |3 b% @5 \- h2 v
D) 15-year, 8% coupon bond.6 A9 a: r: i$ t% O! H
2 H2 y f$ ?# o& l) j4 z答案和详解如下：: L. W. g& w: B: @3 W
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发表于 2015-7-21 08:59:22
