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Question 96
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/ m; r% M" \* Q8 x6 R# IGourmet and Company has the following information: M& W! ^# U( @5 A; k# `2 G3 N2 G3 ~
Current market value = $250 million
- h$ c# R$ D& y nCurrent book value = $225 million7 k" }9 l) F5 `3 Y
Sales = $750 million
. t: V9 |% z2 v5 {# c% n8 SEarnings = $75 million9 l* w4 i4 J( s- l9 d
Cash flow = $125 million
$ B4 n, `" L4 c* n1 b, Y* Q9 ]Stock price = $7.500 N3 S F3 H) S' Z5 K9 K) \
Which of the following statements regarding Gourmet and Company is most accurate?( y( k+ O' b. i5 v% V! ?5 z# ^
A) The price/book ratio is 0.90.: r, a% C% G' _$ `* n) B
B) The price/cash flow ratio is 0.50.& E" J9 x( x" P: c: [8 U* T" b
C) The price/sales ratio is 0.33.
; `+ Y, {4 t+ x1 \+ b# BD) The price to earnings (P/E) ratio is 33.3.
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8 Y; @0 k& D, A+ {8 k" f答案和详解如下：
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: n5 L+ f3 n8 M7 z. i! y9 j9 |/ qQuestion 971 a2 s4 I* I4 q3 [' C& {
An inverse floater is least accurately described as a floating-rate issue:$ q; C' l! D; i2 _7 p c) X6 ]
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
$ ~0 c3 R' W: }B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
/ Q/ I t" P- k6 Z. U: UC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
2 p Y( B- s! OD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.1 n$ S' }( d! w: ?7 [$ b* l
/ ~3 f' G9 u J, L答案和详解如下：! b1 M m# ]3 V, D3 E
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Question 98/ F3 Z; M# Q% H, ?9 m
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Which of the following statements about embedded call options is most accurate?
W+ q. C" M: c3 p0 ?% |A) The call price acts as a floor on the value of a callable bond./ b6 r Z, W, [" v6 ^ d" |
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.
( p8 f) E, w. J7 |. ~0 jC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
$ h; H& o8 y. ]/ f, vD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：; t* p- S# D* x2 }
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Question 99
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9 Q$ q: w, A6 \" c. oA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:6 `; J& p7 _' Z7 o9 q: v: m& N, k5 q
A) 6.5%.
# j+ @, R/ E. O8 ^B) 7.4%.
3 e8 C" e, n: e3 f/ SC) 8.6%.7 ?9 r. S7 H; }, |% ~
D) 8.0%.% S$ u/ O% Z! C3 f* w
" ]5 F. T8 Q: j& p. N; J' o- |, U答案和详解如下：6 R( l9 j' C7 {! v9 q8 K4 d
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$ v! B& I8 C' qQuestion 100
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; k ~' K0 u: ?All other things being equal, which of the following bonds has the greatest duration?
0 [: c$ E; t1 S( Y2 }/ b% qA) 5-year, 8% coupon bond.
# c/ `2 J8 \4 HB) 15-year, 12% coupon bond.# J9 ]% q8 m" ~7 x V* n
C) 5-year, 12% coupon bond.
* u4 A2 ]! a* O1 fD) 15-year, 8% coupon bond.
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答案和详解如下：8 j) T2 D6 S/ [9 \. F
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发表于 2015-7-21 08:59:22
