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Question 96
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6 {1 v# h. T( M; l0 q5 iGourmet and Company has the following information:
. b0 _6 E- {& qCurrent market value = $250 million
, Y- [, y, K, O3 t0 o3 j2 ?Current book value = $225 million
: C* k3 w! A6 z+ K$ J% \- ]: {Sales = $750 million
, T0 ?6 O `& C% b* H, |Earnings = $75 million/ d7 t2 G1 D# U8 V/ {/ | c
Cash flow = $125 million' M& o6 N( ~1 G% G) ~
Stock price = $7.50# t6 U& g0 W7 e9 e$ ]' g
Which of the following statements regarding Gourmet and Company is most accurate?
, i; \! K/ h' `7 `A) The price/book ratio is 0.90.
4 A$ m5 M: U+ rB) The price/cash flow ratio is 0.50.
$ i5 {6 y D$ u2 i. jC) The price/sales ratio is 0.33.
; y, ~. }! D" M) W$ k" ND) The price to earnings (P/E) ratio is 33.3. B2 B# M0 m" u# Y" |) e
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答案和详解如下：( \+ S$ x+ \4 J* F/ g. P7 k
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Question 97
* f$ C2 _% u0 q- TAn inverse floater is least accurately described as a floating-rate issue:( s7 D" J. m6 ~ N6 l
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.7 l h5 R0 h# B$ B9 Y3 D
B) that may, under certain circumstances, require the bondholder to make payments to the issuer./ w; F" r; W' \' I7 _, }
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
4 M& @( @! R4 Y" D$ X/ S5 xD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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. F0 J" @* e2 N3 x7 @0 k答案和详解如下：
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* `1 a( t4 W/ l4 rQuestion 989 p# H |3 ^2 F
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Which of the following statements about embedded call options is most accurate?
% @9 d# m) u# EA) The call price acts as a floor on the value of a callable bond.
7 e. }3 m/ ~ N+ F% EB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
; u; K& L1 [, ]3 a! V: Q1 jC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
' C A: x, n \- U9 nD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.+ k2 z$ x, _* o, ~ x! k
6 O6 I9 J; R3 _% [0 {* }答案和详解如下：4 e7 j" r6 ?$ g/ Z
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- T+ D! B1 C# ~0 _; i5 Z! \0 j( ~Question 99: _* R! g* L* L1 A: p1 Q
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- \. k1 n: @9 M& CA) 6.5%.& b' s9 u3 Y/ s2 { k
B) 7.4%." Q S- y( R* b$ ]9 ^. J0 L8 R
C) 8.6%.
- a& f/ c6 r4 n9 u5 z1 iD) 8.0%.( J" z* U# s; |* o: Y
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答案和详解如下：
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/ w. H9 n4 `8 R6 J0 @& J: s# A5 WQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?
' k1 i; f8 V2 ? v) vA) 5-year, 8% coupon bond.
( R3 B7 \4 u+ k, S4 D' D e6 H) X$ iB) 15-year, 12% coupon bond.* u& u2 z9 Y! v9 `) N- n _( E
C) 5-year, 12% coupon bond.' p' |, I* w( c$ x3 M* J2 u+ L7 X m
D) 15-year, 8% coupon bond.
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答案和详解如下：" s4 B& y9 t1 k; X& f! N4 R( n# m: e
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发表于 2015-7-21 08:59:22
