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Question 96, ^: W. Y+ E' {1 ~: t8 F: Y
6 l& x8 s9 D" C: h4 a1 j9 uGourmet and Company has the following information:
; P1 O+ M$ E% K4 p* dCurrent market value = $250 million
; s4 n% p2 {4 N' e7 J+ q/ Y: \. jCurrent book value = $225 million4 _8 C k1 f6 _0 a! m. U
Sales = $750 million& {$ W) ^$ \- A
Earnings = $75 million
/ R. Q$ ] _6 W- ]7 v# h5 sCash flow = $125 million
% d5 o0 |2 ^# J: m( R2 S* IStock price = $7.50
. C; T7 m( v' B @Which of the following statements regarding Gourmet and Company is most accurate?. H! c& |, y2 G3 n3 E2 d& {
A) The price/book ratio is 0.90.
9 y# ~% ~7 Q0 h1 s% m6 dB) The price/cash flow ratio is 0.50.
- u/ n9 p# t6 ]7 a' Y) R1 @$ \C) The price/sales ratio is 0.33., @ o, v+ F7 a- Z) C, k5 H
D) The price to earnings (P/E) ratio is 33.3.0 Z# L0 Z1 M2 i O3 l) _
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答案和详解如下：
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Question 97
' q, p; f9 u; P& j: AAn inverse floater is least accurately described as a floating-rate issue:0 ^& ?& R& }& C" f. R- o+ B
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
5 V9 Q5 J7 U& z% \B) that may, under certain circumstances, require the bondholder to make payments to the issuer.9 t6 b9 c: Q$ Z* Q$ ]! l& T
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
# `, }" @/ F7 i8 s- ~% H' a( yD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.2 N# F9 A' A3 z' F
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答案和详解如下：
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& v% [9 S8 C* a+ P% T, o; wQuestion 988 ^3 ?+ N7 i% J
9 f; O; Q# Z4 X6 } O, L! oWhich of the following statements about embedded call options is most accurate?
' S$ y: n( ]4 j- i- TA) The call price acts as a floor on the value of a callable bond., ?6 e" u- R7 S. |# \: c7 m
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.: c) O# o F i4 ~5 F7 U
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.2 t) E# R, X* c' A3 |2 [/ ]0 o2 ?$ x
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.! {& M' ] C6 R' F) Z: Z
5 h5 z3 z1 _, \* Q v答案和详解如下：
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Question 99
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# D. D& B B& Z( p# w# oA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:( X! ?# \, y8 s* m3 g
A) 6.5%.
) x/ p Z% y$ @) q7 jB) 7.4%.
# d: B l P1 u# ]4 sC) 8.6%.' C9 s0 p! E/ i
D) 8.0%.
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答案和详解如下：8 a# C1 Y2 m3 V1 ~( j8 Z5 Q
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7 j$ j) z; l& u/ m' }$ ]; T ~Question 100
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All other things being equal, which of the following bonds has the greatest duration?
, T/ N$ v. |# ~* C c5 f( F6 e. W' ~' tA) 5-year, 8% coupon bond.0 \. Q- L: b" U+ @8 \# s- B
B) 15-year, 12% coupon bond.% S4 s0 f; A- O) e8 ?0 Y
C) 5-year, 12% coupon bond.
$ V7 z) h! K; Q/ T& g& e" \D) 15-year, 8% coupon bond.8 q% ~2 m8 ^7 r( a2 }
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答案和详解如下：, F. h5 O( j7 @$ b- O
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发表于 2015-7-21 08:59:22
