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Question 96& e' T: R2 l4 L5 @3 r2 c) j
O7 ~5 N1 u2 A# b6 i5 F: U9 U1 c5 aGourmet and Company has the following information:. J+ j- D& C/ H4 p7 `" M
Current market value = $250 million+ o4 W$ r3 L! I
Current book value = $225 million
5 ?4 p( E2 _/ `- J, K |Sales = $750 million
; }, B2 Q$ U- TEarnings = $75 million& n5 m b7 [2 ~: T% P$ b9 p$ T
Cash flow = $125 million
: W# d. B. H9 M* H' {$ e/ NStock price = $7.50
( `9 S8 M, d+ I: gWhich of the following statements regarding Gourmet and Company is most accurate?
$ q: C/ ~. d" RA) The price/book ratio is 0.90.4 A6 d; c- L9 B8 X. L
B) The price/cash flow ratio is 0.50.6 l0 G: G9 j+ U0 _ m6 a9 _
C) The price/sales ratio is 0.33.
) G- H* T. B5 |3 S9 fD) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：- J Y% w; ]$ E5 I M- G
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7 N3 w1 ~0 o# {; VQuestion 976 d' ~: Q# q# }* P' |
An inverse floater is least accurately described as a floating-rate issue:( p |) O0 e2 w* M! V6 x9 c
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
* o/ p; o: Z0 |B) that may, under certain circumstances, require the bondholder to make payments to the issuer.- M2 b5 W* ?% z
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
) B5 v6 n0 ]* A' Q. Z( Y9 R4 J1 rD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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p; G* \2 f+ [. R/ K答案和详解如下：
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Question 98) a% h! F% L$ Y1 b* S+ t
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Which of the following statements about embedded call options is most accurate?% R: a- `" ~/ c M1 ?+ n2 c( q
A) The call price acts as a floor on the value of a callable bond.- d l% V5 T# U( y4 {
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.
3 W7 C0 a6 B, E; xC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
4 Q8 S2 b: k4 QD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：% ?" w& d1 Q, i o. l: v& j$ t) e
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Question 994 t9 L1 q& N p
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:( L# b- v+ Q- h2 G! i+ L4 i
A) 6.5%.
( w9 K m6 a" t2 q6 z7 hB) 7.4%.
- |, d0 u/ ?9 q3 pC) 8.6%.
( _/ I0 b7 }' a! Z5 q; eD) 8.0%.
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答案和详解如下：
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$ t$ U/ J/ L# ~6 Q% z( _$ Z/ s \Question 1002 X" O0 [) F# X$ g$ z. |. |+ H
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All other things being equal, which of the following bonds has the greatest duration?
2 o' ?( C" l- XA) 5-year, 8% coupon bond.2 y$ [, r' C" `. s) ~
B) 15-year, 12% coupon bond.
0 {( v; h" |/ g& WC) 5-year, 12% coupon bond.8 a, ^5 ~ c8 t/ F+ W
D) 15-year, 8% coupon bond.' H% ?8 z7 |) m# H$ C
: I$ z& c) b1 K+ t" N答案和详解如下：2 R3 m- i" F- p+ @) ]: h3 E+ s
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发表于 2015-7-21 08:59:22
