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Question 965 K' c/ r3 Z7 G% e i
: }* Y$ d& p# g: ?0 fGourmet and Company has the following information:' P$ h: B, C S! \4 s$ N
Current market value = $250 million
8 |2 `6 p0 I4 r, B" c# ~9 f1 tCurrent book value = $225 million
; k- F8 q. c( K/ Y2 E2 A8 D9 @Sales = $750 million2 A% P" ` Q8 }9 z; n; o7 l# _
Earnings = $75 million3 P( O1 L- L a6 ]
Cash flow = $125 million
8 z5 v1 V; w$ ~+ z0 KStock price = $7.508 J+ y% y6 a0 n- o: v
Which of the following statements regarding Gourmet and Company is most accurate?4 R$ f" v( O8 B
A) The price/book ratio is 0.90./ d8 ]7 b! @2 g9 I1 ]
B) The price/cash flow ratio is 0.50.' u7 y0 S) \8 @
C) The price/sales ratio is 0.33.
; W1 `( H6 U3 Z: pD) The price to earnings (P/E) ratio is 33.3.
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: ^5 S6 p: X" p5 q5 K% N, P答案和详解如下：
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# e9 s* S0 f7 e: i2 z# a; v/ V3 bQuestion 97
# U! d9 J* q2 t0 IAn inverse floater is least accurately described as a floating-rate issue:# z5 E% F; D b
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase., D5 P4 \4 m6 ^. {% P
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
+ V* r5 G, P' iC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.3 Q4 @3 h. w6 j% u, N0 H, z
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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) n4 ^0 R# H" J% w( fQuestion 98
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Which of the following statements about embedded call options is most accurate? E) k, Y% o1 v/ J2 F
A) The call price acts as a floor on the value of a callable bond.
0 B3 w, x' I& K2 \3 Q, xB) 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 P: T& p, b8 C, _9 u$ uC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
9 \: M% r2 S$ L9 Q; S3 }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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3 U6 U9 N0 ]7 `! E- ~: C+ w: Y答案和详解如下：
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3 l7 ~# i+ G2 K- V) P1 e6 J! j. Z1 U3 aQuestion 99
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+ m) W+ q# e; D: ]# fA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
7 c1 @( \. B7 C6 B SA) 6.5%.! t6 \' ~- p' H
B) 7.4%.+ _5 F6 U; e0 D" `
C) 8.6%.
8 O) s" ]" n& S# gD) 8.0%.4 D. ]! L h, t1 `5 V' V9 I$ K
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答案和详解如下：- o' v7 P! w# P$ E3 N& q
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# ^* `, t" Z; F3 J9 _( J' WQuestion 100
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All other things being equal, which of the following bonds has the greatest duration? N1 A* s0 f# G7 n1 e
A) 5-year, 8% coupon bond.$ l8 {" f: z% [' e7 b/ u
B) 15-year, 12% coupon bond.
* R& _, g% Z: OC) 5-year, 12% coupon bond.
! v- P8 Q5 X: K4 e j4 e3 SD) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
