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Question 96
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+ ~$ ?' ]! C$ S8 m8 o. XGourmet and Company has the following information:
4 C& D; i( D0 [4 y% rCurrent market value = $250 million. G2 s) ?0 R; ~2 u. Y0 k
Current book value = $225 million
7 d1 e; G' O. t/ n: o, q" zSales = $750 million$ O- v% h( N7 t5 u) k
Earnings = $75 million
" R$ K, Y: O8 e0 Y$ ^Cash flow = $125 million
+ S- |3 D$ O4 `+ M- }Stock price = $7.500 s/ _! u2 c/ k0 O6 ~4 m
Which of the following statements regarding Gourmet and Company is most accurate?: s% z5 |& |; R
A) The price/book ratio is 0.90.
1 n" E$ L) E0 @B) The price/cash flow ratio is 0.50.2 t+ A! \4 t! t
C) The price/sales ratio is 0.33.7 ? j0 D) l; G( Z
D) The price to earnings (P/E) ratio is 33.3.
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5 f; m$ V1 P$ t4 M答案和详解如下： Y, n" C. K% S& a
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8 {6 z; e' J& C. l A$ M. @Question 97
1 X" y, o8 y/ o7 E( DAn inverse floater is least accurately described as a floating-rate issue:5 g& H) J/ O, a* Q
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
* I# N. V3 h0 c8 z0 h: ]& TB) that may, under certain circumstances, require the bondholder to make payments to the issuer.7 T; Z7 x) F* |. i- B
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.6 e. H- I8 s7 j% f4 U( M2 R5 Q
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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# a( y, E+ o2 [( p$ y答案和详解如下：0 p {0 @' t. A2 @$ m0 C0 ^
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2 Y: j: w( t0 i D# bQuestion 980 L) E# X$ u: |# f4 K
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Which of the following statements about embedded call options is most accurate?+ V Y/ P& @. ~! Y, ?+ A+ U
A) The call price acts as a floor on the value of a callable bond.* D$ t8 ?' f* D
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.$ W/ w `8 p$ K& R2 {
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
9 ]' b! A7 Q6 g+ C, mD) 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 995 U7 @9 t4 |$ _. l7 V
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- o c7 _, _; pA) 6.5%.3 V6 z9 a( r0 w7 M! ^! |, ~( T
B) 7.4%./ U/ x* Y: I) f% l, F3 |1 w
C) 8.6%.
1 ]+ T; }! c% h8 C2 U2 ID) 8.0%.1 J: Y( i/ F7 q- E
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答案和详解如下：
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Question 1009 c& u6 g6 s" o5 u7 K
^* i( ~4 v5 l4 _/ MAll other things being equal, which of the following bonds has the greatest duration?4 p" _0 W* Y( u
A) 5-year, 8% coupon bond.
. t9 ~- o* t1 P1 s; D7 L0 WB) 15-year, 12% coupon bond.3 _! U; ]6 [: [! C5 `
C) 5-year, 12% coupon bond.( ?- |% N/ ?! I& _/ Z
D) 15-year, 8% coupon bond.' h4 v) W$ d! A, D" @* I
. I; V4 F+ e9 A答案和详解如下：
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发表于 2015-7-21 08:59:22
