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Question 968 ]" m: T: R8 D
1 j+ O) B1 k: P# ]) B+ w+ QGourmet and Company has the following information:
1 E8 Y3 t; N) V9 i. d: l& FCurrent market value = $250 million
R+ T+ N8 A3 A$ r( ~- ]Current book value = $225 million' x" `% J. B: T7 C9 c1 x
Sales = $750 million8 O- f! m7 M1 C; u# G; R5 H) l
Earnings = $75 million
0 Q7 r0 D1 j+ Q: kCash flow = $125 million
* d9 d( c8 j: H1 vStock price = $7.50' V1 m1 G( Q+ v. q S4 X
Which of the following statements regarding Gourmet and Company is most accurate?+ j4 T! @$ u7 E: T3 Z" g% \, ^
A) The price/book ratio is 0.90.8 V4 z+ S# d A. @* |6 J1 e
B) The price/cash flow ratio is 0.50.
" }( H7 G) z/ U; x4 ?7 H8 L# M( `% Z7 GC) The price/sales ratio is 0.33.
7 I8 _& o8 e6 g" S9 Y; G& BD) 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: ]5 Q4 d) K9 r0 T9 r/ X8 P
An inverse floater is least accurately described as a floating-rate issue:
" K- _6 _% e Q+ ^5 Z5 y$ rA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
' j$ c1 p4 h" [& x. @B) that may, under certain circumstances, require the bondholder to make payments to the issuer.- g; c" Q4 I" `% O- z
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.8 \5 l8 \0 E, u2 i8 `
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.' z# s4 _ y1 j* ~0 [8 j& z
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答案和详解如下：. r+ K7 Q6 p0 I U; N* e
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Question 98
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+ r6 M1 n7 U8 y; _) DWhich of the following statements about embedded call options is most accurate?) E( p/ |' J' q0 q! H, `
A) The call price acts as a floor on the value of a callable bond.
W6 d- h$ t- b- ZB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
g" z( ]% }) | v) FC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.: Q2 |# ?( q: n" i! g; Z) i/ l- `
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.# b; N g$ K" S N) F
5 Q. z7 k' h. Q0 ]4 W答案和详解如下：* o, \+ b4 x9 S" I/ B
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Question 99
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" v3 p6 ]8 e! x; O n! TA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:3 ?0 S2 A. O3 b, T8 A P
A) 6.5%.
: ~# f; B) X1 ]2 D, c5 P0 \. _B) 7.4%.) A( E8 u* a/ X
C) 8.6%.( M+ K0 d$ h; V3 V
D) 8.0%.
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' R0 ]5 w3 n# y+ A8 `4 ]" F9 s答案和详解如下：
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" Q4 Q3 c0 p$ Q* C N8 K+ [& @Question 1000 b V" V/ B0 |% r
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All other things being equal, which of the following bonds has the greatest duration?
/ F6 W m7 g# l; zA) 5-year, 8% coupon bond.
# }0 k R8 @7 M& [4 y4 l% tB) 15-year, 12% coupon bond.& N9 R$ U: c5 `/ K* l( o" H
C) 5-year, 12% coupon bond.
* u! F6 H& T* T9 w& z! {# iD) 15-year, 8% coupon bond.9 |( x+ ?* Z& w! n' K v
4 ~" C/ W4 @/ Z+ p0 t: y! {答案和详解如下：/ j9 w9 p8 G4 h" A3 e0 X$ M9 |
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发表于 2015-7-21 08:59:22
