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Question 96
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1 p8 H! W" e/ _- p- |9 x' \Gourmet and Company has the following information:0 `. @- L8 J! [# o2 h# ~( Q
Current market value = $250 million3 I) C) C$ j& o. k7 B
Current book value = $225 million+ W$ B8 {: j5 Q
Sales = $750 million
' ^. d" o( h7 w% f9 s/ `Earnings = $75 million* x. x! Y0 \2 i( W
Cash flow = $125 million
, W: }5 w8 p8 K' d$ q0 P1 vStock price = $7.50; |/ ?% Q, z6 P F* v2 D
Which of the following statements regarding Gourmet and Company is most accurate?
9 z `* M3 q, _; r* z: f P0 @# wA) The price/book ratio is 0.90.: L# [ j5 v; u5 N" T
B) The price/cash flow ratio is 0.50.6 ]- |8 @* s: z. |, m+ Z( M3 }
C) The price/sales ratio is 0.33.
4 R* z Z2 d" A$ D9 xD) The price to earnings (P/E) ratio is 33.3.
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7 J8 O0 f+ _" p9 Q6 u答案和详解如下：
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Question 978 v8 U; \" @/ A
An inverse floater is least accurately described as a floating-rate issue:" W- ?! C' e1 X* C6 Y1 z2 t
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.8 O- `! h, F4 ]
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
" S( p# u2 R) c8 C8 @3 OC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.% t. X4 Z5 ^2 X+ c" E" ?/ f2 \
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.5 P- b7 s+ j6 ^& G; M) c( L
9 l& i6 S. b/ ~$ i: t3 X+ p7 p答案和详解如下：. ^; k! Z* v# a+ [+ p9 w8 o! C
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Question 98
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Which of the following statements about embedded call options is most accurate?4 U, ]' G* Q: N
A) The call price acts as a floor on the value of a callable bond.
8 c) d/ c! c6 A5 T- G1 Y8 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.' u/ @7 ], ~: i }
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
/ a) b- U! I( A( S V* X, Y8 k1 S5 lD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond., a! m, S4 H; {& I8 \, H
9 s$ ^" M3 \+ a3 w答案和详解如下：, t: ^# m+ T( f+ \
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Question 99
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7 d' `. ?3 [% E8 L, RA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
" h9 P3 H+ i" n0 Z$ zA) 6.5%.
( D: \9 X5 z x( T3 Z, K3 A: d' ?B) 7.4%./ q0 h$ K4 o8 w% c; h$ b
C) 8.6%.
' T4 G/ v3 c2 OD) 8.0%.
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答案和详解如下：$ {6 d7 z: X* g3 F
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Question 100( a" L+ F: |; V+ i" S. t$ c j. F
, M' x2 n, h7 i2 z: oAll other things being equal, which of the following bonds has the greatest duration?; j, r5 s: ~' ?
A) 5-year, 8% coupon bond.) V. N. Y: n a- n& b2 c
B) 15-year, 12% coupon bond.
; a% [: C. D6 e# P6 wC) 5-year, 12% coupon bond.. h% r/ t8 B4 ^7 L: m
D) 15-year, 8% coupon bond.
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答案和详解如下：! g/ O) e1 [/ ]' u" R3 l; o
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发表于 2015-7-21 08:59:22
