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Question 96' G4 t) N# ]* X
$ k, |$ {& ~1 [Gourmet and Company has the following information:
0 c8 K: n% f, ]& mCurrent market value = $250 million
; j+ r* T, ]0 ?2 O+ B% i0 H, J6 gCurrent book value = $225 million, d4 P; C/ v( O! h3 y
Sales = $750 million
' L2 f; u. [+ f, nEarnings = $75 million1 w' O4 U! r( r f F. x8 J
Cash flow = $125 million ]5 }0 Z) e9 W' F+ t
Stock price = $7.50' o3 b7 e" y: y
Which of the following statements regarding Gourmet and Company is most accurate?
s# `$ k* l+ `9 O4 z. oA) The price/book ratio is 0.90.
@; i# Y6 D6 C+ W( rB) The price/cash flow ratio is 0.50.
! w% i- y6 ]4 _3 J( n) ^- M2 fC) The price/sales ratio is 0.33.0 t$ Y" e$ n; W" g
D) The price to earnings (P/E) ratio is 33.3.
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& J% u& g! g+ h答案和详解如下：0 }8 n* K8 T8 w R
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, q, Z2 u- I6 ^; t, G) {; VQuestion 97: C: s9 H- E$ A1 [5 W/ o# E/ ~- @
An inverse floater is least accurately described as a floating-rate issue:
4 j- u, V5 I& s0 bA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.* F6 f# b- @% R3 V- u2 O% X
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.$ p+ Q: q8 f: X: r' x! f
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
0 H) {; Z( v$ z2 F# ~7 g% F, u+ WD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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6 g/ o& E9 Y! c l7 Q& M3 V4 Z答案和详解如下：# m B' M/ k7 Q/ k
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- Z. V+ R* c( H! m: xQuestion 982 M! a. H4 `4 `' J
4 G& K- }/ M) f# c% sWhich of the following statements about embedded call options is most accurate?
+ B7 ?, b8 V+ ]2 f. c. cA) The call price acts as a floor on the value of a callable bond., M+ f8 ]) V8 s6 l0 L U
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.
, \; K$ W# d+ {& J1 l$ {8 NC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.) \9 ]9 [9 ^4 m# t- y
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.5 n! f6 u8 B+ V
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答案和详解如下：
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( X( [1 Y8 u. T% A% L/ h! cQuestion 99
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. I& C" g1 P7 Q' t/ MA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:. B) ?8 t' S- l
A) 6.5%.
5 G/ f! b8 j0 _% \7 s2 WB) 7.4%.
; j0 u# q2 P( c1 U. ?! pC) 8.6%.
* ?: \" p1 x1 U4 J5 P! W) X6 HD) 8.0%.. i0 p8 Y4 R- D
" f2 b. K/ ?/ y答案和详解如下：
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?$ t% u* ~5 A- L I9 t% s
A) 5-year, 8% coupon bond.
6 u' C' s6 |4 g! O+ P6 KB) 15-year, 12% coupon bond.4 E" D2 L: Q6 q% q {9 w9 {
C) 5-year, 12% coupon bond.* {$ a/ _6 `/ a8 Y
D) 15-year, 8% coupon bond.
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答案和详解如下：: T' \, h, g1 b; e% j; z: T
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发表于 2015-7-21 08:59:22
