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Question 96 Q$ o8 d1 j* [% t; U
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Gourmet and Company has the following information:- p) Z- i; n$ C4 ^8 W8 ~
Current market value = $250 million
0 ?; o) G" p' B* E' {0 _0 tCurrent book value = $225 million% e( o3 n( Q* L' d0 y# W) T
Sales = $750 million& Y$ {7 X7 t5 o3 v8 f# i! f z3 g/ S
Earnings = $75 million) \% [4 }$ y& z2 y, c( c, X
Cash flow = $125 million
! d: f2 n" r5 ZStock price = $7.50" h2 P: S. a0 j+ f( J
Which of the following statements regarding Gourmet and Company is most accurate?
4 {( Y. F+ [/ i& @3 _A) The price/book ratio is 0.90.8 V2 w. _+ F( h( C; P
B) The price/cash flow ratio is 0.50.. y8 E9 h$ C/ z" s8 r6 J
C) The price/sales ratio is 0.33.4 {+ @6 l; K+ s( f$ e
D) The price to earnings (P/E) ratio is 33.3.' |! w% X( j1 F7 u
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答案和详解如下：+ S! b" {5 i. G; }$ L; r$ ^
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Question 97
5 ^+ M. D& f/ ^" d9 [. j2 j) y9 UAn inverse floater is least accurately described as a floating-rate issue:
# p5 h* M9 e; t5 I) z/ t: wA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
7 I) n+ D) o( W& LB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
5 L1 Z3 ?$ ^+ z$ k, @( U3 m$ TC) whose coupon is determined by subtracting a reference rate from some stated maximum rate." Q- Z5 b8 i. L/ g: k# O$ [: |
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 989 v: n9 N3 Z, S: Y
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Which of the following statements about embedded call options is most accurate?
% [! y; a, a" P( N- RA) The call price acts as a floor on the value of a callable bond.
I9 _6 E8 c" fB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
- |1 ]* R5 z( zC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.4 a) T8 x, \( H' n
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.! Z, O! `! I) Q& K& f
9 V X& t- y6 n4 `$ L5 l0 G答案和详解如下：) D& |1 g+ D8 c: J% _, M
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1 F* ~9 O |; N5 k% F' e2 B$ cQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
/ X/ }- g# Z; J) ]7 fA) 6.5%.9 n5 g; ]7 h! U& D; M- V# r. R) {* h
B) 7.4%.
" v! L0 f# j W* pC) 8.6%.( r# X( w' n! j+ B
D) 8.0%.- Y/ H9 f2 V e1 T1 A# ~( |
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答案和详解如下：! `, Y; L6 |/ `# U3 N
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5 h9 u }/ g6 A; ^+ V5 fQuestion 100
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2 E! b( U7 g+ ?1 _9 x d$ qAll other things being equal, which of the following bonds has the greatest duration?) R% a I; }! V/ E- @4 w8 E
A) 5-year, 8% coupon bond. q! ~: }) a3 R8 d7 q: G
B) 15-year, 12% coupon bond.4 j0 `8 |0 p3 y# l( V
C) 5-year, 12% coupon bond.
+ {9 \5 C! W! X8 _D) 15-year, 8% coupon bond.
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2 f$ i% j6 c6 g答案和详解如下：' p; e4 R L$ C4 o" [
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发表于 2015-7-21 08:59:22
