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Question 96
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Gourmet and Company has the following information:: H9 k( j$ A; f' l) m' D0 \ h9 l' a
Current market value = $250 million: \- L4 v: ]7 w% Z+ P
Current book value = $225 million
+ ?# p# R. {6 }! L& }Sales = $750 million
- W" t9 n3 i* O j/ W9 ^3 V1 {Earnings = $75 million
* h7 ^3 s; r4 G8 g W) _2 o$ QCash flow = $125 million
6 I n+ n- i6 D4 `Stock price = $7.50
% J1 Z y( u3 N- C. v' @Which of the following statements regarding Gourmet and Company is most accurate?
|! ]0 @6 X! o' n2 m7 A: n$ {A) The price/book ratio is 0.90.+ }* }) J" l C, y+ a7 E* f
B) The price/cash flow ratio is 0.50./ X4 a8 h$ k L1 p0 P t F/ P" @
C) The price/sales ratio is 0.33.' q5 C; k# t9 s! z
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下:+ O5 e/ M6 S& s6 U9 C' W' j: a6 G' }
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Question 97' ?3 `- X [( K) k
An inverse floater is least accurately described as a floating-rate issue:1 G- x6 }5 l+ p& a, e9 _- k
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
4 j2 y) ~; t- L& |5 y/ gB) that may, under certain circumstances, require the bondholder to make payments to the issuer.! i9 s8 g. `+ b* \1 {/ W, a. u
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.. R- S* t) l9 |- R9 t: w
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.+ |6 p) |0 p9 H" J3 X) C9 T; m/ J
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答案和详解如下:2 s" _# Q4 a5 B4 u! R
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Question 98: [4 F* y# t# j
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Which of the following statements about embedded call options is most accurate?
. d: e9 K; p# w6 c& @A) The call price acts as a floor on the value of a callable bond.
) R+ V$ g7 z( g4 S5 Q l: OB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.# _7 V7 x# ?/ B6 b1 f
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.( I' ^+ M) S7 Y% k4 Q" b t2 c2 t( n% e
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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6 I8 E/ o, o; b' n& _1 ^: w5 T答案和详解如下:; Z. A' @% s5 I5 Z+ s% u
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:; `& U& A% [8 g" z5 D) j# u o
A) 6.5%.* w- H# y' R, C7 u1 A k
B) 7.4%." f" ?# [4 P& c5 S
C) 8.6%.- R# w4 F; m* q' X. O2 _' e, ^; F
D) 8.0%.. h) Z6 \* u1 S7 S
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答案和详解如下:! T7 \: `: X/ l, s
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4 q, a/ P* C, b7 MQuestion 100# e4 b) B$ y3 G- ] F7 |" I) \
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All other things being equal, which of the following bonds has the greatest duration?9 C( X+ ~' h- c: `
A) 5-year, 8% coupon bond.- g* [9 `7 E# T* d
B) 15-year, 12% coupon bond.
1 [1 f4 N) ^. K4 x9 g% x6 X8 iC) 5-year, 12% coupon bond.
# Y9 G: R1 _; q6 WD) 15-year, 8% coupon bond.
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答案和详解如下:
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