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Question 96
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Gourmet and Company has the following information:
2 O( a' n5 g7 d" o; y! l% i) UCurrent market value = $250 million- P7 ^3 f& U7 z' U5 ]# ^1 H
Current book value = $225 million1 m6 g6 p% k# {7 j4 H% M" c+ f
Sales = $750 million" c4 Z- A- k8 a3 m6 r8 b$ M$ r
Earnings = $75 million
/ G: l% d3 M+ m, iCash flow = $125 million" b+ D( e \1 V: o" }/ r
Stock price = $7.50% \0 [+ H+ j- e. H1 @ l' n
Which of the following statements regarding Gourmet and Company is most accurate?8 _ f& A5 c. _
A) The price/book ratio is 0.90.
3 v9 j) n. D" P9 }7 ]B) The price/cash flow ratio is 0.50.- J( w4 `) F- f; Q; |
C) The price/sales ratio is 0.33.* A3 \) V. S7 n) B: V4 l7 G0 N
D) The price to earnings (P/E) ratio is 33.3.# [) P' ?% ^# H+ b( h
1 a: @! W% `5 D" u答案和详解如下：
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: S7 A5 g5 j- o" y5 `2 OQuestion 977 X( w0 G# w$ O X$ [' X7 b) L! n/ {
An inverse floater is least accurately described as a floating-rate issue:
' v! t Z5 ?- G6 {7 tA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
$ ^; R5 R! i. H4 L, a/ v7 c! QB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
C6 A2 d3 R6 F4 x2 qC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
8 B1 g8 _+ _% @D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.( R) A7 b" q& q4 A) p7 Y& C
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答案和详解如下：
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6 f# P8 H* R/ i% w$ qQuestion 98. t# z3 A# L- M* ~6 [
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Which of the following statements about embedded call options is most accurate?6 ]) i6 G$ d8 j/ k5 j% F
A) The call price acts as a floor on the value of a callable bond.+ H7 ?# ~6 D1 a
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.. M" V* p1 J$ H! [1 R: o8 y
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* y. D( s5 c4 w* _* q* AD) 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 99
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2 u% i4 r* o, s4 V; \5 UA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:3 V; R/ I7 o; q' A; }
A) 6.5%.
" n# m% o8 ^; u4 BB) 7.4%./ y4 n* a1 ]; x# f
C) 8.6%.
2 c6 q; n2 C' { O( |, y4 fD) 8.0%.: b' f& L, Q1 r4 B0 H/ @) ^& d
7 A" b3 Q* S5 Q5 m; L( S答案和详解如下：9 u1 F8 v( A3 P q9 q. K9 Z% h
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% u+ Q2 z5 ~# X& I; g) g' g) V; mQuestion 1002 Z1 U1 r$ u& X# P9 W
/ g4 E4 o$ A% xAll other things being equal, which of the following bonds has the greatest duration?
' `) ~) `& ~/ n% Y1 s3 S! JA) 5-year, 8% coupon bond.' e6 x- T2 k4 w" F0 m
B) 15-year, 12% coupon bond.5 n, y) t! p. o2 M+ i/ t. X. w- r, {
C) 5-year, 12% coupon bond.+ k" }7 v1 k. ?0 G* R
D) 15-year, 8% coupon bond.
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9 N) h) D- E9 J: b$ f- ?答案和详解如下：; @; j" `% e: c+ O- O, W
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发表于 2015-7-21 08:59:22
