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Question 96
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Gourmet and Company has the following information:& F0 a, |8 r ^7 `: F2 r+ ^
Current market value = $250 million( H3 {" c2 T" O; ]4 J. B
Current book value = $225 million
& _3 ~$ j6 u8 u! ^! ^. D1 |7 Z7 |Sales = $750 million
' F" r, ], H8 Z9 `2 cEarnings = $75 million
7 o. J! F" k6 W. ~4 wCash flow = $125 million" M# H0 y, G( _0 U- O2 r$ y1 @% _
Stock price = $7.50
) o7 i7 E; ?4 V9 w4 ~) TWhich of the following statements regarding Gourmet and Company is most accurate?
4 k5 N5 e' A) a1 SA) The price/book ratio is 0.90.
% a+ S4 x+ n# \% M5 YB) The price/cash flow ratio is 0.50.' T3 @6 Q& d+ r) C
C) The price/sales ratio is 0.33.
6 ~9 r5 }9 }# bD) The price to earnings (P/E) ratio is 33.3.. I) `. X/ N- f* P5 a: J) z5 Z. u8 E
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答案和详解如下：
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Question 97# g: \/ M$ D ~! O
An inverse floater is least accurately described as a floating-rate issue:
- Z* x# b" I6 \: e) o& |A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
! e3 a9 q" D3 m9 x2 s( yB) that may, under certain circumstances, require the bondholder to make payments to the issuer.2 N7 t. R+ w P% l6 A3 @5 q" n
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.% M! }# A7 i$ z9 H- R' e
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.5 [$ J+ I6 c& h3 g
5 t. T$ `+ h) T) ] m答案和详解如下：
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$ s* m4 n! ^. sQuestion 98) o3 N8 U) p% s6 d6 R3 A7 m6 u
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Which of the following statements about embedded call options is most accurate?' a( `) P2 n; V8 T: n( }- s3 j+ y
A) The call price acts as a floor on the value of a callable bond.8 f$ Y" \, w7 c3 M
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.
1 N* S4 G& d8 `( G9 ZC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.9 g( S' E" v) `
D) 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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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:) }& _" |, V# B* \1 W
A) 6.5%.$ `4 b/ J9 o5 l3 _" I1 A4 t
B) 7.4%.* x- q$ P W& Q9 x6 L6 S/ ]+ I; M5 p
C) 8.6%.! P# G- I% o/ J8 G3 ^
D) 8.0%.
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( B' Y/ Z* N2 t) [' O" L N0 z答案和详解如下：
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6 u1 ?! R& ~. ^: a+ T6 ~Question 100% J: A1 y/ b) l1 B4 U) P- G
0 }# @3 }! d* W- }) NAll other things being equal, which of the following bonds has the greatest duration?3 u9 m0 [" m' c2 u/ o) s" A# F# a1 R
A) 5-year, 8% coupon bond., z* n5 I, A& b$ n M
B) 15-year, 12% coupon bond.% v M& A" U6 d4 P: b
C) 5-year, 12% coupon bond.. j0 \1 h9 T4 ^
D) 15-year, 8% coupon bond.! I4 V" Z2 h; i9 g" v+ U( s
. i/ I; P% J3 e& R* d答案和详解如下：0 e- p) E. Y' V" E) `# \
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发表于 2015-7-21 08:59:22
