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Question 96
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( C' y0 u- i9 Y: y/ OGourmet and Company has the following information:3 i* v! f$ C F( c
Current market value = $250 million7 M! N( j# X7 S/ ^5 e% {
Current book value = $225 million/ R: c. F @' J3 D# q+ n- R8 a
Sales = $750 million3 b' S' g4 M) `$ c v' y* C
Earnings = $75 million5 i! L, \- E$ h% c0 p
Cash flow = $125 million* e8 B) i0 b% b: N* e9 o- t' `
Stock price = $7.50' H- m/ O( }" Y* O7 P
Which of the following statements regarding Gourmet and Company is most accurate?
/ x. J1 s$ r" F a" L: r kA) The price/book ratio is 0.90.) A, a7 i0 }) ^, e+ E8 q
B) The price/cash flow ratio is 0.50.
1 n6 }- u8 p7 ]: x2 l% WC) The price/sales ratio is 0.33.
# U# v" q0 }7 O3 B7 C+ fD) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：: I2 W2 V8 r H
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Question 97
2 Q: |, h$ F( mAn inverse floater is least accurately described as a floating-rate issue:1 [2 N& b& i' x
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
$ |; z% Z- e( \$ n% QB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
( }" [( \0 t7 K# M! a8 g: h# k; @C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.1 f- C1 C2 }9 }7 i$ U8 R
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate. C9 z/ J. M2 M) V+ Z# i$ u- G
' e' S0 N8 [, y$ d答案和详解如下：# R9 u+ v8 ` L- B- Y
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Question 98
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7 v- k" P3 `9 H- \# R7 k, iWhich of the following statements about embedded call options is most accurate?
* I) o( |" i; M. Z: T% q. aA) The call price acts as a floor on the value of a callable bond.( R" z9 x0 y' t: ]9 T
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.
4 H# ?! F' W' d4 N" _5 S$ cC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* Q% l" |/ n7 J' i8 cD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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- I4 z! S* d; ?答案和详解如下：
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- r! `" h. b( d! n2 {$ E& q2 LQuestion 99
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% K& B# D0 V$ |9 E1 P9 JA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:. l' n# `: B- b6 m
A) 6.5%.0 G7 \, N$ X3 v: i- v
B) 7.4%.; X! A2 K w5 ?9 _0 A# A( B; Q
C) 8.6%.
+ @: L: j$ z" q6 ?% DD) 8.0%.5 p% ~6 b+ |1 @; m' t3 w! g3 [( c
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答案和详解如下：
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?1 o% M$ i5 U k! O! x2 x0 s+ L
A) 5-year, 8% coupon bond.' q4 A) H: f X" G% J
B) 15-year, 12% coupon bond.
. |4 C* k0 B% i3 M7 P( \C) 5-year, 12% coupon bond.3 y) F5 n1 I9 {) g
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
