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Question 966 c( R/ X* \, z/ p
& S0 ?5 k9 H4 e7 `* a$ F6 |3 zGourmet and Company has the following information:1 E# p% D$ N' R) m5 N' k/ V
Current market value = $250 million
4 D" ?& g2 T7 J' \0 o- JCurrent book value = $225 million5 N' S0 t! | R. N
Sales = $750 million3 K( F- t% T% {
Earnings = $75 million+ C) e( L4 K' [2 a! I
Cash flow = $125 million6 T+ g" p( g/ v
Stock price = $7.50
# Q0 g7 B& X- Z* I+ sWhich of the following statements regarding Gourmet and Company is most accurate?0 b+ ?2 z% U2 Y4 t. |
A) The price/book ratio is 0.90.2 m7 l$ j+ G: z# E9 |" Q
B) The price/cash flow ratio is 0.50.( a) o5 v( _8 @ @& `+ D* \2 |6 Q% W
C) The price/sales ratio is 0.33.
7 w2 Z6 e/ G/ I7 G0 LD) The price to earnings (P/E) ratio is 33.3.4 G* z3 p- i$ ?' t, r% ^1 u
5 d& e r0 g5 u; \9 t S6 g答案和详解如下：- y4 q5 L6 A. \
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4 E6 `$ L2 v* A. LQuestion 97
- H/ ?! {! }: O. CAn inverse floater is least accurately described as a floating-rate issue:
2 g) @0 m5 ^. q% b2 aA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
0 h4 ~0 i! E* A* h$ B2 aB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
" W; }) _ ?+ U" qC) whose coupon is determined by subtracting a reference rate from some stated maximum rate./ D# t2 E0 X: j9 x- o
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.. O+ G* Y- [& C9 d' F
! q( O& t/ C7 A- `答案和详解如下：
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& ~+ x4 X( y) Q) K5 U9 r8 O4 yQuestion 98
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Which of the following statements about embedded call options is most accurate?
" t" A5 b4 k$ b: I4 C3 jA) The call price acts as a floor on the value of a callable bond.
5 ]- g" f0 `% Z( J% O/ ^' n$ IB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.: O: a3 \8 H3 H, _4 L* H8 Y) y
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
& I/ `2 P) E. o: {4 C3 w% SD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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/ Y4 j4 A) x+ ^' d0 t, v; z1 m3 a% O: i答案和详解如下：& _ |; E1 A8 `$ z, y
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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:2 }1 h2 n* q/ d$ G" i
A) 6.5%.
/ i4 V& ~( `8 C/ R9 U7 @! V* WB) 7.4%.8 V. j* Q Y, Q9 S
C) 8.6%.! W3 q! ^% h; g1 k5 E; ^; \- P
D) 8.0%.
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答案和详解如下：* h% g- k6 L( Q& n5 C$ |" Y
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Question 1008 V7 E( m" p" r' u! X! r j
. [) X0 ~! D A3 C$ g2 t& OAll other things being equal, which of the following bonds has the greatest duration?2 Q5 o" I, ^' }5 R% m$ T- `* l z
A) 5-year, 8% coupon bond.
# U. k# C8 w+ f% U& }( BB) 15-year, 12% coupon bond.
7 U& G' f1 W+ i9 fC) 5-year, 12% coupon bond." P& ]. ~" K! E" F! w* V
D) 15-year, 8% coupon bond.! X; m6 j0 N, Z
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答案和详解如下：
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发表于 2015-7-21 08:59:22
