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Question 969 D1 Q# J: Q" ^- |( k& D) `7 z
8 b, u. X# e& J3 ^" K5 v; j. `7 eGourmet and Company has the following information:
3 d2 ?6 Z6 L* c! oCurrent market value = $250 million
+ p7 O0 ]3 p$ _1 Z, ]" G9 \. H% i+ XCurrent book value = $225 million
Q& y0 n; k6 a G; xSales = $750 million$ Y; L- n* `4 Q4 ?8 V+ [$ v T0 X
Earnings = $75 million7 [& {6 p/ P4 V5 o
Cash flow = $125 million
: C, p5 j, |: u! \4 d; M$ ]Stock price = $7.50) u* C0 e. U+ M! T# c0 k
Which of the following statements regarding Gourmet and Company is most accurate?: X& H/ s- E, _9 x
A) The price/book ratio is 0.90.! H; }7 D# m6 }6 U9 i
B) The price/cash flow ratio is 0.50.' N, |6 x/ G# y1 X
C) The price/sales ratio is 0.33./ k0 Z4 O8 V7 c2 s' C1 |6 @
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：) H# }4 Z8 a1 c: x5 h* G
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Question 97# m0 i+ h* P9 B
An inverse floater is least accurately described as a floating-rate issue:
4 k, z ~+ K& N: G" p K) FA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.- T R6 M# j$ a1 e
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.4 X+ j4 e4 t# h9 o" @5 u
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.2 z, |8 q0 _2 M+ j
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：
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Question 98
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Which of the following statements about embedded call options is most accurate?
7 S# X; W% L7 Z5 F9 p3 Z) xA) The call price acts as a floor on the value of a callable bond./ ~# ^3 p" {! G* J% `
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.
# @5 j; k/ ~4 X" O' S5 N# B& NC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
7 I5 Y; d5 u& N4 C3 D1 ID) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.- P) Y, J. Y. ~9 ?' T# c
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答案和详解如下：
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P: l! S1 \4 F2 \2 nQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
7 s, ]+ L( w+ W0 a; m1 zA) 6.5%.$ o0 K+ m6 r; `2 j& B3 Q+ P4 o
B) 7.4%.% ?5 {" ^1 p9 X# ]2 `7 x* @
C) 8.6%.$ r! ]: P' Q2 M+ k: V
D) 8.0%.
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( n$ b2 c6 z5 `0 M$ P+ N答案和详解如下：. p4 e" k3 h8 X0 R6 r+ y9 x
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1 ` t' [7 |$ Q1 r2 MQuestion 100% ~( f g1 b4 X5 j* Z
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All other things being equal, which of the following bonds has the greatest duration?
% e J; A; c8 |0 wA) 5-year, 8% coupon bond.0 A" g p; y8 E( w& q" ^. E5 j# U" \
B) 15-year, 12% coupon bond.$ w; V; _* o5 e8 u( q: C
C) 5-year, 12% coupon bond.
; H1 q) u r! Q! Y& YD) 15-year, 8% coupon bond.
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: I( o' e! T! y3 Z# T0 ^答案和详解如下：
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发表于 2015-7-21 08:59:22
