CFA Level 1 － 模考试题(1)(PM) Q96-100

catherine

Question 96
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Gourmet and Company has the following information:
Current market value = $250 million
. F  _% b) ~( t" uCurrent book value = $225 million
Sales = $750 million
6 W3 z. i8 e! N2 g$ Q; _. yEarnings = $75 million
Cash flow = $125 million
Stock price = $7.50
3 i8 D: @% T" j, h$ P8 BWhich of the following statements regarding Gourmet and Company is most accurate?
- Q  ]0 f: J8 t7 `  U* {A)    The price/book ratio is 0.90.
1 {1 n; @) v9 J+ HB)   The price/cash flow ratio is 0.50.
C)   The price/sales ratio is 0.33.
; f' p. n# B  Z. s7 wD)   The price to earnings (P/E) ratio is 33.3.

答案和详解如下：
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Question 97
An inverse floater is least accurately described as a floating-rate issue:
3 d2 Y5 R$ f: c# a, h' qA)    whose coupon rate will increase as market rates decrease and decrease as market rates increase.
: e" j6 P. S" ]* `! \2 MB)   that may, under certain circumstances, require the bondholder to make payments to the issuer.
, q, |) w% j0 h" m: y" q& q! QC)   whose coupon is determined by subtracting a reference rate from some stated maximum rate.
0 u* Q0 p5 A* xD)   that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.

, R" E8 T$ ^, u) E答案和详解如下：
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1 g4 k2 F% L9 X; wQuestion 98
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/ w/ X' J; C: X+ s* m8 yWhich of the following statements about embedded call options is most accurate?
4 c) A5 s' E1 [6 M2 z6 eA)    The call price acts as a floor on the value of a callable bond.
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.
C)   When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
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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1 o' c/ Y8 ?; v" m; I答案和详解如下：

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Question 99
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' }9 A* [, q% o2 [6 m4 A/ ^, Y/ iA 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:
A)    6.5%.
  S8 C& \% Z/ b4 i# U% dB)   7.4%.
C)   8.6%.
D)   8.0%.

" C. w2 A. @& x. `& t答案和详解如下：

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, J3 N/ A8 G: a8 `  [& ?9 AQuestion 100

1 w; W" k9 t! F/ s: kAll other things being equal, which of the following bonds has the greatest duration?
9 {* L; @7 c8 u2 y3 o* G  hA)    5-year, 8% coupon bond.
B)   15-year, 12% coupon bond.
C)   5-year, 12% coupon bond.
D)   15-year, 8% coupon bond.
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: {1 H; C7 m4 F; H0 z2 Z答案和详解如下：
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Daissmention

好东西一定要看看！

fanfan

谢谢谢谢

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