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Question 96$ v8 w( w5 ~* y7 P# p. M
( u3 e6 u- j. `5 a. r( O- cGourmet and Company has the following information:
3 b9 O* a; v6 oCurrent market value = $250 million. R7 ~/ p% h! N. m1 F
Current book value = $225 million
: C' `. q/ M5 {! n3 F+ WSales = $750 million3 e; _5 J# `6 i2 ^! ~
Earnings = $75 million
# I3 K" E2 X) T# C+ W# S$ f$ QCash flow = $125 million) Y: _- M3 I/ [6 I- A
Stock price = $7.50
) n% Y% k) q- G% f3 J# C1 eWhich of the following statements regarding Gourmet and Company is most accurate?
5 a+ h+ g/ f" j6 ~: xA) The price/book ratio is 0.90.! k0 x( L) B7 H8 t: q; H- q
B) The price/cash flow ratio is 0.50.% R+ Y0 u; [4 ?) ]! X+ u( x" _/ a
C) The price/sales ratio is 0.33.( u, `8 J, X8 u( u+ L
D) The price to earnings (P/E) ratio is 33.3.) M R3 Y' L5 [/ U# q! v! w# I
9 G( G# |2 E- N6 H4 s5 O答案和详解如下：
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/ F8 C# R, f( XQuestion 970 p8 d: a4 z$ u8 M
An inverse floater is least accurately described as a floating-rate issue:, W s/ @! z3 n( U- b3 M- n
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
0 i D% b: ?9 @B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
0 ~5 `! |' k- vC) whose coupon is determined by subtracting a reference rate from some stated maximum rate./ |" v. s& y+ Z6 b/ |' K
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.8 U ? Y G, f. S# Y
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答案和详解如下：- }+ K% | x& B
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& j5 C4 K" z1 {0 p9 LQuestion 98% h8 D; P0 K1 b2 R+ C
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Which of the following statements about embedded call options is most accurate?
5 k6 H) C) W% e- PA) The call price acts as a floor on the value of a callable bond.
$ M7 _! A. D8 X( E. x8 QB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
/ e! S8 h- }3 X$ VC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond., l5 K, D y$ X7 d2 ]
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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+ V7 M" O5 n* A/ s- x2 }( n9 r答案和详解如下：- D6 U5 o% ]) Y& {$ @3 {0 y
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Question 99
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~4 `2 Y! ?& [& k, |A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to: E' u$ z G' s( k
A) 6.5%.7 o P& N' ]$ Q) d
B) 7.4%.4 |" _3 s; Q! b0 p/ M9 o0 h" X% _
C) 8.6%.# v8 L6 w, O% E" R5 i
D) 8.0%.
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4 t. o% M* d8 S- M2 m5 `, f答案和详解如下：
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9 O, @% p9 V. s2 p9 ~0 mQuestion 100' M( x: l$ {+ u( V8 r* q
3 N! @- {6 t& T w, ^- v9 Q3 xAll other things being equal, which of the following bonds has the greatest duration?
. A# t, m# _: F7 v3 [A) 5-year, 8% coupon bond.
# z) ?, I4 {5 X6 s* t% _% SB) 15-year, 12% coupon bond., @# k2 T% J9 e2 ]& f
C) 5-year, 12% coupon bond.1 M! c ^3 u; u1 k
D) 15-year, 8% coupon bond., h7 Z3 U: ?% `1 s0 @; P
$ { K; e( Q7 {答案和详解如下：
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发表于 2015-7-21 08:59:22
