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Question 96
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; `, t) v- J2 o, U7 r, I+ `- x4 }Gourmet and Company has the following information:3 C* Y) j6 K A0 i J
Current market value = $250 million2 O$ I" W. A6 @' K9 I
Current book value = $225 million
7 ?, D: S4 v% ?9 l. u+ ~1 lSales = $750 million
& N3 M3 H0 C, b4 G& ^; f/ lEarnings = $75 million
1 w+ {8 @9 k% a# o# t3 }Cash flow = $125 million/ Q/ r$ p3 s# G; I
Stock price = $7.50
* o+ S* q$ G; K. G# tWhich of the following statements regarding Gourmet and Company is most accurate?- @& z0 F4 o% z, }' k I% C7 }% S
A) The price/book ratio is 0.90.
% s$ `* _9 b' v' k2 w+ c, i8 ~, ^: IB) The price/cash flow ratio is 0.50.
9 J0 m9 f- y1 q& T7 }0 VC) The price/sales ratio is 0.33.# G+ `. Y) U3 P% p7 o5 \1 m
D) The price to earnings (P/E) ratio is 33.3.
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' m0 M) v( m, J' g2 a9 S- Q: W答案和详解如下：
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Question 974 r- u! U: Z/ h; @0 f: l/ a: K, p
An inverse floater is least accurately described as a floating-rate issue:: P6 [& Q- Q- t: L
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
! a6 {) K+ e* E- b4 z7 vB) that may, under certain circumstances, require the bondholder to make payments to the issuer./ M8 g' J0 p7 |4 o& ?7 ~" H
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
! A @& r: h) J8 F) a7 mD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.0 a" i1 Q- Q9 A$ A% N' f
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答案和详解如下：4 L2 E% \) h- d. c0 q; I7 w8 O
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Question 98
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Which of the following statements about embedded call options is most accurate?
3 K# O* f' w W* `, LA) The call price acts as a floor on the value of a callable bond.& }1 W8 _ `+ R4 _ n
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.
6 K% H8 h/ P+ g3 s9 i" oC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.2 w; X3 S6 [) @! P" z
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.( R6 n* @+ }* y" q( T0 l9 R0 j9 W
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答案和详解如下：! b- H3 r/ R$ l5 n p8 X8 U4 V
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Question 99" X. B/ u& W& F! s
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
( x" l! @/ ]% l6 L3 sA) 6.5%.
- ^5 k4 G R- \; XB) 7.4%.
, Z, {3 G; ?# \4 H p, kC) 8.6%.# ^# ?. s& e$ H: ]9 q" r
D) 8.0%.
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答案和详解如下：
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Question 1001 ~. `" N- G y
* B% D, i% P6 ^& I% }All other things being equal, which of the following bonds has the greatest duration?
, R5 ~: y# O1 WA) 5-year, 8% coupon bond.4 K% `+ v l; P
B) 15-year, 12% coupon bond.
5 [- W9 T, [9 z$ u8 jC) 5-year, 12% coupon bond.
1 X4 x+ D }. s' r' K6 rD) 15-year, 8% coupon bond." f1 }+ I3 H; t! [7 o; j* L3 i
+ }) a/ C1 K8 E7 v1 i" B答案和详解如下：
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发表于 2015-7-21 08:59:22
