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Question 96
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Gourmet and Company has the following information:
$ W! O+ `% Z& W4 h v+ ?; e: TCurrent market value = $250 million `1 h2 q6 O$ \$ W1 S; c4 x
Current book value = $225 million
! v' G( i$ N8 I4 N8 o) L$ q8 xSales = $750 million4 |! a% d% r& A. }
Earnings = $75 million/ p7 q. [- ]6 C( q; C. A# f$ _* e' C# c
Cash flow = $125 million6 k8 X' M" ]! Y
Stock price = $7.50
$ s i2 t' }( h. x8 _: CWhich of the following statements regarding Gourmet and Company is most accurate?3 d( d* I7 _) R* }( d$ k$ R8 g
A) The price/book ratio is 0.90.
! L% b2 P1 n; H4 z; j/ PB) The price/cash flow ratio is 0.50.7 p5 S- ]( C7 k1 s- L# `
C) The price/sales ratio is 0.33.. C* y4 M" K; a/ B# W
D) The price to earnings (P/E) ratio is 33.3.( m. W- u) B3 M% `$ c2 h) c f
% W+ X+ H! W/ {答案和详解如下：* G: Q8 i' S0 |% y) D1 Y6 w
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Question 97
) R0 B! T1 Z/ _# D1 Z; |- M# eAn inverse floater is least accurately described as a floating-rate issue:% z! b( E( h3 e: c
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.& N0 {& R2 e& s3 r! e2 C
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.+ `2 G, d/ _% m
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.% I; }/ ^) [* q* J# l, P
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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6 O: P" I& k4 L: U- J HQuestion 98
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4 _- K/ U$ I/ ^) W" @8 f1 mWhich of the following statements about embedded call options is most accurate?1 G4 T C, ^6 L/ A+ N! Y0 a
A) The call price acts as a floor on the value of a callable bond.
5 G O+ U; h1 C% ]' i8 Z {" 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 v. S: Y. H' L' S+ v8 D
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.3 I# q/ S3 N/ G/ C8 t
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.) n- y* D5 P1 `% Y( U. _: \- \
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答案和详解如下：
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:% T5 E0 k- }6 O" B! J
A) 6.5%.
2 k- ?% {3 U" ~B) 7.4%." Y$ O% |8 {# l" W
C) 8.6%.
2 [( ?- u' j, D$ o: {& ]3 h/ LD) 8.0%.
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答案和详解如下：6 R2 J" L/ ]9 t
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Question 1007 T# X+ Y6 d/ B- H3 K T# z
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All other things being equal, which of the following bonds has the greatest duration?
( W) \. a+ q2 E; p/ K6 V5 V$ _A) 5-year, 8% coupon bond.
% {2 p3 D! V) H# i, s0 Z6 L/ AB) 15-year, 12% coupon bond.7 U( c: E! ]) j' g i) _7 S% l
C) 5-year, 12% coupon bond.: w! b0 {9 W9 |; S) {, x
D) 15-year, 8% coupon bond.
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答案和详解如下：" W" U; R% M0 s' L% ^
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发表于 2015-7-21 08:59:22
