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Question 96; i5 i5 I& E, {1 A; i
) s& G4 i: e8 v( i( P% m+ I! NGourmet and Company has the following information:
: ~$ {% _0 a: y" YCurrent market value = $250 million
9 G8 {5 o: M$ V7 i1 N& S/ i4 ^Current book value = $225 million
% |7 h3 u5 e. ^! }Sales = $750 million" C6 L1 @8 T7 c. Y- M
Earnings = $75 million
) M4 v: I/ w0 @$ ICash flow = $125 million
, R$ b; D: u5 k" t7 eStock price = $7.50" r; B+ M8 w$ M% K& a9 ~
Which of the following statements regarding Gourmet and Company is most accurate?+ P" i4 \$ X$ @8 q" _
A) The price/book ratio is 0.90.8 {/ i$ G5 r1 g9 s; [1 c
B) The price/cash flow ratio is 0.50.( U. q+ e) w) K2 H6 I# i/ |3 A" F
C) The price/sales ratio is 0.33./ ^. s6 v& Z: P: k8 s
D) 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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8 r# ]8 w5 u- j( n: OQuestion 97. M5 W6 G7 H) @ v) X$ U5 J0 |
An inverse floater is least accurately described as a floating-rate issue:
5 h A3 @* n( R0 U# N5 P: JA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
" `8 y( z: E k$ G: c5 vB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
- l- j, f4 |/ ~; V: l7 e7 gC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
+ j7 j. J) U0 q7 C1 D9 R# y# [- |D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：
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Question 98
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0 T) _2 O4 J7 L" `, ~/ c; c9 oWhich of the following statements about embedded call options is most accurate?
7 U. C" \; ?$ r1 t/ _- UA) The call price acts as a floor on the value of a callable bond.
6 {: x' E- U; F( V+ _! \9 a! HB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
5 n* ]- }9 Z' BC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
/ c. w7 v+ X9 q7 n% E+ R4 ND) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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6 T% c0 _( Q6 r. s: W答案和详解如下：5 h, H5 j$ S5 F: b
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( [, N- [! V9 S8 a9 _+ d% j% R1 F& eQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
' S+ L2 @1 T& X9 i( k# \& ]$ T2 mA) 6.5%.
+ O6 Q5 H' y- o' H2 }4 HB) 7.4%.
$ N' K: y. @/ x k) m/ pC) 8.6%.
! j) v! \! P4 r n7 MD) 8.0%.
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" l2 W( t9 `8 z, P9 E答案和详解如下：
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Question 100+ `& } k0 n( M* m& b _0 ]1 F8 ]
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All other things being equal, which of the following bonds has the greatest duration?2 @4 ~, U1 C! r
A) 5-year, 8% coupon bond.
1 T; C! N/ K* i3 g% oB) 15-year, 12% coupon bond.& k4 L* Q4 ]/ c' c; _- |
C) 5-year, 12% coupon bond.
' [- K7 p7 s) i4 UD) 15-year, 8% coupon bond.+ {8 Z% I/ x6 S1 {+ _) L
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答案和详解如下：
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发表于 2015-7-21 08:59:22
