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Question 966 i3 h1 K6 `- w% e" i0 d
, z7 r, t' ]" |: o3 H: L" i% e% UGourmet and Company has the following information:
3 S3 |% w6 K$ d5 [" w0 J2 ~$ F% mCurrent market value = $250 million6 K! T' n/ |* P( |) f! U
Current book value = $225 million3 ^# Y. o& ~1 H4 X% v9 N) F* V
Sales = $750 million
P& }3 E. b% y- s; R$ B& c! KEarnings = $75 million; j0 E8 Z" U5 r% G' J
Cash flow = $125 million# Y9 }" r. W( U5 F) ?
Stock price = $7.50
/ O/ ]4 O0 o$ n h/ S- sWhich of the following statements regarding Gourmet and Company is most accurate?
1 N! _, n, Y; b! H- C2 VA) The price/book ratio is 0.90.$ R9 ]; E8 V8 T) f3 f1 m8 A( k
B) The price/cash flow ratio is 0.50.
4 @; l( j, d3 zC) The price/sales ratio is 0.33.
5 W T# T# D' A2 C$ i3 S3 O. FD) 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
0 J$ z$ W+ q8 R& x6 I4 u2 g% A5 i+ PAn inverse floater is least accurately described as a floating-rate issue:: h# c9 v# Y' G( c- `
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.: Q9 z: V; ~9 u1 k1 z2 Y
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
1 R' W9 w7 K/ X- M8 A: R9 IC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.& y% r+ ^7 U1 S" W' q% |8 I
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.: Z# @) F6 Q3 P; C
7 d% W! t, O3 |" r- t( c7 e答案和详解如下：. z% c6 K Y0 a3 S6 U" i. V
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# v2 |* d4 ]# ?8 D7 F: C# ~6 qQuestion 98
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Which of the following statements about embedded call options is most accurate?
9 V5 u+ ?6 ]1 J, H9 X9 AA) The call price acts as a floor on the value of a callable bond.
1 B5 @2 f/ Z |; ], KB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.; n* m" h Y3 {0 c9 K
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.7 ~: W6 n S" ^4 b8 X' ]& W
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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( r4 a0 ~+ y1 M: \/ c3 t) [5 Z答案和详解如下：: ~& D9 K) ~: ~' y, @2 Q
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. P# p+ [# m" T) a, G+ |- o, fQuestion 99) H* |7 w3 |& v9 F! `# G3 ^
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
7 X" g% E1 a3 d) ]A) 6.5%.
) q! Z" T; K* S- sB) 7.4%.# N: Z5 h* p: g! Y# a/ N
C) 8.6%.; o* u4 X' G: Z5 D2 v
D) 8.0%.
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答案和详解如下：: h6 K6 O) l4 u: Y# _5 y
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7 V1 h; F2 [4 i) U& @$ jQuestion 1000 r* C& m R! @" M* A: e1 o
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All other things being equal, which of the following bonds has the greatest duration?3 k! F. L, u. z2 D; s
A) 5-year, 8% coupon bond.* V1 p j% r6 K* _5 [
B) 15-year, 12% coupon bond.
: p. c, r' e6 Y2 WC) 5-year, 12% coupon bond.7 F9 ?, g- R: ^9 Z' C
D) 15-year, 8% coupon bond.
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答案和详解如下：; Y8 l, F2 H, j- V4 ^! h8 ]0 D( o" r
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发表于 2015-7-21 08:59:22
