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Question 96* E3 s% T6 b) ]' Z
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Gourmet and Company has the following information:- f9 ^& X, e2 M5 |; Y
Current market value = $250 million0 W1 ^% O0 G# L! a, ?: V' \' l u. d
Current book value = $225 million
- f+ e$ o5 V- ~' ESales = $750 million9 `$ Z* ^' A' `+ X( T
Earnings = $75 million# i' ], A& S; ~: i, t$ h9 K/ ^
Cash flow = $125 million
, q! T& c1 Z! f7 l& P* X/ pStock price = $7.50% K2 `# u+ R+ f
Which of the following statements regarding Gourmet and Company is most accurate?
, b" x: a% K3 N# s* _+ w9 V) n% s3 jA) The price/book ratio is 0.90.
' U. _, c! K1 \% _2 gB) The price/cash flow ratio is 0.50.% d6 B; B9 f6 Y5 k) k/ M x4 \/ z0 ~
C) The price/sales ratio is 0.33.4 b7 A+ @: r( X5 l# h+ ]
D) The price to earnings (P/E) ratio is 33.3.! X' m8 ]! |& ?, M1 j. P/ ?
0 i; y/ g* V( A& L6 S答案和详解如下：- Z! \% T# O7 {+ ~
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Question 97
# J6 R4 v( @. d5 o. r. \An inverse floater is least accurately described as a floating-rate issue:( K# p V' I W9 i* V4 ^& p
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
& t; \4 T3 V6 L$ q, iB) that may, under certain circumstances, require the bondholder to make payments to the issuer.. Q" l+ T/ g, h$ m: s
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate. q9 Z7 ^% v; L6 z4 p: k! E
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate. r1 H. g( l! T# v9 k# }
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答案和详解如下：
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Question 98
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6 Y, y; E- m4 g$ A$ V7 f7 j2 `7 V" ?Which of the following statements about embedded call options is most accurate?
" ~ q6 d5 T# q+ I2 ~0 sA) The call price acts as a floor on the value of a callable bond. c9 g! x$ x8 [* S3 ]: L# ^
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.
* `$ t3 v6 {( @# z D* WC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.7 l8 N1 y' _2 { b8 V
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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/ ^, O& T8 w) f' e4 A答案和详解如下：
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Question 99
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. _/ b2 I% o% h0 {A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
8 e6 B2 W1 Z$ f. `$ B, y! d# LA) 6.5%.
- L( Y/ T6 d" v0 g- ZB) 7.4%.2 ^1 J+ m$ f3 i
C) 8.6%." U" Q/ s7 h7 J7 B$ F: Q
D) 8.0%.
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: r l+ j' Q3 H- j答案和详解如下：% v1 O& T7 V3 i, f" K
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Question 100, a& ~- l1 |/ ]$ ]$ q# a3 R
3 ]# }. H6 A0 u( M% ZAll other things being equal, which of the following bonds has the greatest duration?
3 H& i$ _, _( P* tA) 5-year, 8% coupon bond.' e8 K8 E9 e+ K/ P- N1 O0 i
B) 15-year, 12% coupon bond.
/ C) _7 M F# J/ zC) 5-year, 12% coupon bond.
; Q: b5 O, u4 ~; n; J+ [3 h% [D) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
