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Question 96- _$ l. N. x; L; ~
! O) P3 w/ G" AGourmet and Company has the following information:
. W' U' i' v$ Q1 e! W' r# SCurrent market value = $250 million! u: s, g) y0 `& F0 N7 |5 o% ]
Current book value = $225 million
/ M$ t3 G4 F# T: X5 ?$ U7 w0 BSales = $750 million
7 W; m i: ?! x( c* MEarnings = $75 million
* W1 p% K5 e! v5 M2 H% rCash flow = $125 million4 z3 M f- [8 e8 E, S+ S
Stock price = $7.50; [# W: ?) J% ? R: x' s
Which of the following statements regarding Gourmet and Company is most accurate?
5 K) J: _# [) L3 }& q0 J; {' v4 vA) The price/book ratio is 0.90.
% C2 C# O/ H9 ZB) The price/cash flow ratio is 0.50.) r1 G) S, X- a; C+ w1 v- a
C) The price/sales ratio is 0.33.
{- K" o: Z& I/ T. |) I QD) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：
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5 Z( Y; \* ^4 @! g; p- w' O, }5 KQuestion 97
; k8 M) K# I9 D$ V- @An inverse floater is least accurately described as a floating-rate issue:& c6 J; d% l' @9 k9 B& m
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
$ h% x1 |' Z& i" t/ sB) that may, under certain circumstances, require the bondholder to make payments to the issuer.) m) G f8 b5 z
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
j, [: E$ E% ~$ C9 gD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.7 V) B; w* q( q5 d
! L7 ?) @0 Z- H* J7 ~0 x5 U ~7 G答案和详解如下：6 @- ~( G2 r2 ^8 P. i, C
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, a# O2 i& r; n/ a+ `Question 98
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Which of the following statements about embedded call options is most accurate?- j8 n; l/ c/ j! \" @3 ^
A) The call price acts as a floor on the value of a callable bond.7 Z$ u: T" C# q9 V* j, s( W% 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.. X( n( W4 r. O5 p$ B+ r2 k
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
. R! B# i4 k$ `$ s$ uD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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) m3 B! P3 ?% V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 $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:, {, a* H7 X# d$ [8 G- w# X$ V
A) 6.5%.
4 h8 w6 m1 r( [) ?# | {& m$ kB) 7.4%.9 e+ E( ?. h' }. d. g
C) 8.6%.. K9 m: o1 C; w6 P) `! r
D) 8.0%.
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答案和详解如下：
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" C( m& a8 M$ |& i- j2 wQuestion 100+ u& M a) i+ m0 Y8 J
8 `( t% c. V sAll other things being equal, which of the following bonds has the greatest duration?$ ^2 ?( E U5 }
A) 5-year, 8% coupon bond.
# g# j+ \2 b3 S0 XB) 15-year, 12% coupon bond.* e; o; }$ X* e, s# u4 j7 m
C) 5-year, 12% coupon bond.+ U0 C. f- e0 R5 J- Z$ N
D) 15-year, 8% coupon bond.
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$ k7 q. v% _( y0 e) i答案和详解如下：
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发表于 2015-7-21 08:59:22
