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Question 96
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* y+ Z% }3 Y8 q+ h* n. V# YGourmet and Company has the following information:
/ K4 d6 v& U, E; u' K0 dCurrent market value = $250 million
% o" s$ R# t0 }, L3 A5 A) _! |Current book value = $225 million/ p( l: k m Z8 f2 N b
Sales = $750 million
7 Q" p9 e, U4 h) K$ w8 q, ~Earnings = $75 million
+ G9 D Y6 J4 V3 n* q* x3 pCash flow = $125 million
6 C- W' u3 a) ]$ C- hStock price = $7.509 R; H7 E% l$ M/ }7 y
Which of the following statements regarding Gourmet and Company is most accurate?- K$ \! p7 t% P- p
A) The price/book ratio is 0.90.
5 V, @3 \! p' v7 F( G+ lB) The price/cash flow ratio is 0.50.$ W1 i/ P0 T9 ?) S9 a
C) The price/sales ratio is 0.33.
- _6 u# y- I. ]5 k+ p& v& R. u" LD) The price to earnings (P/E) ratio is 33.3.3 w8 P/ K0 h, I/ ]
$ z" M, @8 y/ f. x( n9 O答案和详解如下：" f0 _( q5 i' ]" _ u# v4 a" g
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Question 97. o. U8 B5 x3 X
An inverse floater is least accurately described as a floating-rate issue:, K8 @5 z$ |& A3 s
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.1 \: f; O2 u) ~, L, T1 |
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
1 A" X' G) c% W: uC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
|" Q2 \3 A n. B: dD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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: ? I( E; x8 k3 s. c8 T! X答案和详解如下：
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Question 98
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Which of the following statements about embedded call options is most accurate?, `: b; t# L* K% Z% C% J5 t
A) The call price acts as a floor on the value of a callable bond.
0 H2 `5 p. m; ?! z% ]2 X( m g: \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.+ a l d B& L- z
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond., k+ \' m# u; t
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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9 f" ~+ u8 U0 j4 @ z3 l1 R" \答案和详解如下：, \8 A+ J2 I* p- P( |/ D& s% G
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9 d, \* W, a% J' S; cQuestion 99# o* h% L7 K9 k& O1 e/ _
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
/ E2 y0 t: X; @1 m }8 \A) 6.5%.( C1 l! ~5 M8 |
B) 7.4%.* `6 R( P$ b5 X8 A
C) 8.6%.6 \3 g) ~8 [/ k' @ b
D) 8.0%.
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1 Z0 R) @" s) Z答案和详解如下：/ o' T! f& ]2 t
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Question 100, S v" D' ~1 b' L: T
( t2 [4 X7 F" Q$ `5 pAll other things being equal, which of the following bonds has the greatest duration?
% g! R% _3 J% p* h9 YA) 5-year, 8% coupon bond.- k C4 q+ f) X5 d3 ?1 j
B) 15-year, 12% coupon bond.& d0 U5 q9 U2 v8 l; i
C) 5-year, 12% coupon bond.) G% B4 ?' \" q; G8 B& j
D) 15-year, 8% coupon bond.
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, L; Z, b- Z) O7 H& T: y! V" v6 q* b7 E答案和详解如下：# |+ k" A' G- c" K1 j
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发表于 2015-7-21 08:59:22
