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Question 967 D% Y+ B' ^3 T( V) d
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Gourmet and Company has the following information:) W4 ]; G7 h! y+ X
Current market value = $250 million
1 P, G8 r" r$ W( {8 g8 dCurrent book value = $225 million7 q4 \% w% ]6 b1 q" `% Y
Sales = $750 million
$ n# n0 ~8 C% G; a5 t6 D7 u! vEarnings = $75 million; c4 @0 J% y5 t, j; l( U; w' {$ Y
Cash flow = $125 million
/ T# J) ~) T3 P2 j" H+ hStock price = $7.50
+ I8 x0 ^1 R% t4 ~/ U0 H7 f7 \5 }Which of the following statements regarding Gourmet and Company is most accurate?" K' {+ ~* c/ C5 R0 c
A) The price/book ratio is 0.90.+ m) N* O2 B8 [, x, `( w, |
B) The price/cash flow ratio is 0.50." `0 i* x3 l* e' s% i; Q
C) The price/sales ratio is 0.33.9 v" Q$ X3 \- e# t
D) The price to earnings (P/E) ratio is 33.3.% a/ W) g* [1 y9 `) n+ f
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答案和详解如下：
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Question 97
$ x4 q* _. @7 d2 f; L4 {. mAn inverse floater is least accurately described as a floating-rate issue:
( V- ]+ {% ~3 A9 D5 gA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.+ N/ Q6 e! b$ ^" _* j7 ?- f5 B, G
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.- \9 j3 ^5 U; \2 e3 i" m! y
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.- _ t. k l9 F& T0 m
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.: E/ h$ ~4 K! H3 l$ V8 p M
* E8 ~6 p* t2 S1 B H F% D答案和详解如下：
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Question 98( U h7 R, h4 w7 z
% @; n- z* c$ PWhich of the following statements about embedded call options is most accurate?
4 j: m' v' ?6 d) B/ @A) The call price acts as a floor on the value of a callable bond.
/ S9 L. A" 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.; V( p# H, E( ]2 p+ Q
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
# a4 _ q4 r$ n" f; T) O2 F0 PD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.% f; W: P! ~9 y5 z) ?
- w5 J/ T6 u) T) U' z6 v/ j7 q; I答案和详解如下：
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; I" F( S+ F0 Z) ?Question 99
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4 e; I/ D; M1 U$ C* J9 s. P- ?A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
* r, O5 j2 {9 p2 lA) 6.5%.
, U' x( u7 c' i! p3 ]1 ` CB) 7.4%.. A; x% w: j. q
C) 8.6%.8 e" L4 ^0 h X0 t, k
D) 8.0%.
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3 r# ~. p5 X O4 U! r1 Z答案和详解如下：
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Question 100 ~3 d2 B9 R% O/ E8 Q$ z$ W
% `. f' m, x+ h) v1 ]; mAll other things being equal, which of the following bonds has the greatest duration?
8 n& A' k$ z# DA) 5-year, 8% coupon bond.4 n; j% B. z1 x0 z
B) 15-year, 12% coupon bond.
* y1 W0 I' l' O" K! O1 IC) 5-year, 12% coupon bond.
: R+ S6 u# i! I: jD) 15-year, 8% coupon bond.6 L9 w q" H1 r6 u& N+ I
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答案和详解如下：! E/ w9 L1 o+ L
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发表于 2015-7-21 08:59:22
