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Question 967 j) u9 l5 e7 E6 X% k
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Gourmet and Company has the following information:/ m$ J" k+ n( `
Current market value = $250 million
1 Y* t3 {/ a$ }0 B; c+ oCurrent book value = $225 million7 W5 A6 C5 i) y& ^$ @9 `1 _$ b& _! ^
Sales = $750 million
, {2 ^" S: s+ K0 ^: Z( K3 AEarnings = $75 million
5 w. U# j! K4 x- {* ?Cash flow = $125 million" F& h0 s: w- b* T% }/ ~
Stock price = $7.50
0 g2 U' t: y z7 ^ ~Which of the following statements regarding Gourmet and Company is most accurate?+ r" L& i& g) W; s. ~* a* _5 @
A) The price/book ratio is 0.90.1 \+ U0 R' p" G) v& [
B) The price/cash flow ratio is 0.50.
6 H7 b) ?& q( }7 v$ GC) The price/sales ratio is 0.33.) U/ e. P6 T m# Z' a* C
D) The price to earnings (P/E) ratio is 33.3.. m: D8 z+ ] [5 Z( B
6 a/ i3 O2 K" r8 j3 B: m答案和详解如下：
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) m7 q* I8 W7 b/ c# [8 ~0 QQuestion 97
6 R$ r2 G6 q. O: G3 [! KAn inverse floater is least accurately described as a floating-rate issue:) R& r7 y3 |( G% V, S5 p
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
, ^0 O% X, B7 g' Z# D2 ?B) that may, under certain circumstances, require the bondholder to make payments to the issuer.+ n3 ~5 _4 e+ w! T" x% Y9 A$ u2 C
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
1 N7 n2 I7 B2 E* PD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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/ J0 X! h& X# i9 M* u; S: j1 W; \答案和详解如下：% `; U8 E# Q" Z9 b- q1 V' a- o
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' c( i0 A+ \, H! \7 wQuestion 98
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Which of the following statements about embedded call options is most accurate?
, x& \/ }9 x& N% I$ B6 KA) The call price acts as a floor on the value of a callable bond.: H$ f) \9 B3 ~3 |" R8 ]6 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.
8 E. u& i) c! ]& d& J2 aC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond. |$ g) y" E P! C
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond. q3 J' b2 Z2 c2 E
+ f1 r% z; x- H, b7 z1 y答案和详解如下：
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Question 99
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9 S" l" e/ d2 LA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:# ?$ Z: n2 l( y
A) 6.5%.8 c, I: ?8 e+ b" v1 l
B) 7.4%.9 }# \7 W$ b: Q/ E' P
C) 8.6%.
- Q+ j% c( n" u) I) |/ D# bD) 8.0%.
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- n* v) u. ?1 a答案和详解如下：2 t! r8 M$ J- M$ Z/ R$ y
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) v; y/ h6 `2 C' ZQuestion 100# t- D- K) B* C. g
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All other things being equal, which of the following bonds has the greatest duration?' ^- y! w7 O+ p }/ `
A) 5-year, 8% coupon bond.
1 B5 F. w8 q. ?# L/ IB) 15-year, 12% coupon bond.$ \' X# x, P5 P8 Q2 |- h
C) 5-year, 12% coupon bond.
% P4 Y7 J$ g- i2 S2 j: }9 vD) 15-year, 8% coupon bond.
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答案和详解如下：$ ` H1 r) m* s( q+ S4 n t
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发表于 2015-7-21 08:59:22
