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Question 96
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% W+ l @- ~" d. PGourmet and Company has the following information:( r; T, k Y) `' c; v, ?
Current market value = $250 million+ u. S5 t: a% V/ L0 y
Current book value = $225 million2 Y& |/ L1 `# x3 E
Sales = $750 million8 ~4 C3 R( H' I3 K; e" X0 x" X6 ]
Earnings = $75 million2 ~7 g) x- T6 r# n$ ?
Cash flow = $125 million. s" ?8 \ U2 W; d- e% ^- ]
Stock price = $7.501 x/ @% u: s8 n! u. w
Which of the following statements regarding Gourmet and Company is most accurate?
; f) I5 u" d$ M* C3 e, iA) The price/book ratio is 0.90.3 H6 b# d% v" Z7 o: Q x2 S; b
B) The price/cash flow ratio is 0.50.; q* _8 w: W( H- e; Q# W
C) The price/sales ratio is 0.33.
. {5 W" x" q8 j9 }: J9 y% [D) The price to earnings (P/E) ratio is 33.3.% r7 W( E1 B" j- }8 Z: v' m
8 k7 j4 Q v( z7 i; H7 l" ?0 S5 c答案和详解如下:4 i6 {- A2 e0 o* R
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Question 97
' f% F7 H$ w# ]$ y. |An inverse floater is least accurately described as a floating-rate issue:
X6 z$ f) }6 e3 [3 k- P6 DA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.# M5 B' p; o4 o" R( Y% e
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.4 P2 i9 Z t& [
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
2 y' V: h }( t6 G" c# T4 [, ^D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.% v, q# X& l+ R- J
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答案和详解如下:2 B6 u N" v3 Q& E9 H
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Question 98
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Which of the following statements about embedded call options is most accurate?
) M/ c& U+ ^7 q! KA) The call price acts as a floor on the value of a callable bond.0 U8 p! @9 b2 X2 m
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." [+ l! v: V6 _1 A
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.5 f* y" n0 ?& a7 o: ~
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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答案和详解如下:
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! ^7 V$ T1 T: n( Z. x' H0 lQuestion 99
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, l0 A, p) R* Y7 Y7 V9 K9 mA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:( t) l: N$ ?5 l* ? ^" d
A) 6.5%.4 k3 I: Y/ C+ Y) S# J" t$ z# r3 d
B) 7.4%.
1 n( W, w* n( t: V' y: AC) 8.6%.$ D+ [2 L! B% p! Y2 w5 e! x6 j& `
D) 8.0%.4 H% k( `0 h; t' V
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答案和详解如下:! D; b- m* z8 ~8 t
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% n/ T1 Z! [- R% H1 |Question 100( S) T7 |' V. |. c3 p8 A. [) s
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All other things being equal, which of the following bonds has the greatest duration?
2 t) V: T+ d* K3 Q- M3 o1 C kA) 5-year, 8% coupon bond.
* s5 l, [3 N' I- B- U) e2 EB) 15-year, 12% coupon bond.
- D& j3 c. K; @! e# {2 rC) 5-year, 12% coupon bond.
% j% f7 F0 J! b2 l: V9 F7 E [D) 15-year, 8% coupon bond.
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8 g% |9 R) U; b* B答案和详解如下:" I9 s1 \* o+ G: [# S
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