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Question 96
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Gourmet and Company has the following information:
! j( v; m# }0 d; v9 ACurrent market value = $250 million7 _) ]2 F2 R I/ J& p6 b' T2 T5 x
Current book value = $225 million
2 G! H0 a% Q$ a- `5 l' RSales = $750 million) a" v( `$ p7 A- r" Z
Earnings = $75 million
0 \9 I* |5 Z( T4 i/ I3 iCash flow = $125 million
+ E# m' r7 ~4 n. k& dStock price = $7.50
6 z) J# v( ~( a: |* n2 KWhich of the following statements regarding Gourmet and Company is most accurate?
" w0 {; F9 D$ `A) The price/book ratio is 0.90.
/ U- _; J6 ?- `% rB) The price/cash flow ratio is 0.50.
; ?+ v; z2 J" Y: ]7 M6 O& H0 tC) The price/sales ratio is 0.33.6 K G' g2 i9 P" e( B" j' z* G
D) The price to earnings (P/E) ratio is 33.3./ ~, j5 D9 ?5 o& A* d
; I6 {) N5 c# ?- O5 a# Q答案和详解如下：
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' Y( I+ A' s; C oQuestion 97
( c5 q& F2 N; w/ J. gAn inverse floater is least accurately described as a floating-rate issue:7 h2 ^4 ?" Q8 k$ [
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
( `2 c4 h% v2 R% s5 k3 a) S4 e, nB) that may, under certain circumstances, require the bondholder to make payments to the issuer." M8 E9 L" |& T, D
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.% k p- t8 ~6 j
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.! w1 C8 U- j# u1 v. f
* ]! i! Q# K1 E( a. \& m! U; O$ T答案和详解如下：
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Question 98
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Which of the following statements about embedded call options is most accurate?- C- j9 _3 H! H
A) The call price acts as a floor on the value of a callable bond.5 ~4 E O4 n7 g+ s9 A, {
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.6 Q- a. s. ]5 ~% M: Y
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
$ i1 F- Q7 P2 W# B& QD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.% Q: v* A: t; T, r0 d
3 K5 w& K; v& O F* H( q5 |答案和详解如下：
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; i1 D6 G0 C0 \" E Z% `% A6 {Question 99
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6 Q* Y, u- J1 _9 l! i4 NA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
5 l9 z0 @7 H/ |' u% ^$ mA) 6.5%.$ G" T! m) Y# C. r
B) 7.4%.. c* R; G* @6 ?9 i1 e, O9 w
C) 8.6%.. k: V) n3 X; U7 [8 m
D) 8.0%.$ I" m" m$ \% w
, u( T: d h" r9 T答案和详解如下：8 k; R. S( y1 f% ~+ _% ]+ l" }
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5 b7 X7 Y' O) R9 o% w' c( xQuestion 100
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1 B% j4 |8 d, O6 X8 vAll other things being equal, which of the following bonds has the greatest duration?
& h! G- Y$ Q, C* `A) 5-year, 8% coupon bond.) [5 M% A1 x' a" `5 L1 }$ N/ _
B) 15-year, 12% coupon bond.! i1 M% t0 K! q: f: U# @
C) 5-year, 12% coupon bond.
) g% G6 }5 x! N4 V0 T8 i# w n2 YD) 15-year, 8% coupon bond./ d/ j2 o( W% B
8 U' O& x8 f" f2 A' i3 z- r: y答案和详解如下：
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发表于 2015-7-21 08:59:22
