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Question 96
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2 {' n6 s; ^$ a1 [) j) YGourmet and Company has the following information:
, @+ T, |+ m( g' u+ p2 ICurrent market value = $250 million: C) T, r7 o' @
Current book value = $225 million) y$ Y) {" Y0 x' g0 M# S" ~
Sales = $750 million9 O- _; h2 z6 J0 ?: S6 e
Earnings = $75 million
; b: r: b. O$ X% A4 zCash flow = $125 million7 C7 [6 |* ~# s! n# }
Stock price = $7.501 H' h/ |: k7 [7 Y, S
Which of the following statements regarding Gourmet and Company is most accurate?
% {9 s: |% y# H# ~A) The price/book ratio is 0.90.( v7 ^ y+ T7 Z K6 f( z
B) The price/cash flow ratio is 0.50.
' E% y4 W! R6 X+ L5 V" pC) The price/sales ratio is 0.33.
! S! T g z, }* v3 m5 Y8 W, BD) The price to earnings (P/E) ratio is 33.3.
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/ [* T1 B2 C; H" b8 Y& r% D& T2 {答案和详解如下：2 _. I4 ?4 o2 M* [! G
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Question 97, o# o9 o0 q9 a+ c/ B1 @/ Q
An inverse floater is least accurately described as a floating-rate issue:7 x/ j) l" H5 a% R" Y& V
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.+ }! ^0 p' }; I4 ~) m- c" {" H
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
2 a9 V* ~% l4 zC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.8 u3 y8 D s7 y' P
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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! Q& x2 E" m1 L9 w# K答案和详解如下：
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R6 P7 B% C9 ~Question 98
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5 j( I9 m; }# H1 zWhich of the following statements about embedded call options is most accurate?( l# V! _% q7 {0 f# E) _
A) The call price acts as a floor on the value of a callable bond./ z4 d5 T* n" j6 N0 s0 r1 ~/ G, d* z
B) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
; f3 f" `7 X' L) F; M$ G* {C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
" ^+ d: b8 f$ T2 O7 {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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答案和详解如下：
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4 b; s8 O. o* m% h3 NQuestion 99
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- c! h# g7 |6 k- SA 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:
: V& Q0 h7 P( r- R" H& ?, uA) 6.5%.
$ U. G' H; S5 v7 ?' A; o! q. @9 RB) 7.4%.: u8 A7 \4 N- ]. W0 n7 n4 ]
C) 8.6%.
$ j- K' Y3 P1 s6 o: ?* R, P; ID) 8.0%.
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+ c% ~8 l' v- ]" Z0 J答案和详解如下：
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, r, z6 k4 v/ uQuestion 1006 z' f. i5 {# R/ g" b
% G4 q2 m8 A& B# r# h0 }7 fAll other things being equal, which of the following bonds has the greatest duration?
8 ^& j+ Y# ~" i1 j9 Q; EA) 5-year, 8% coupon bond.# d1 X. P; w! F7 h0 L, o/ {3 I
B) 15-year, 12% coupon bond.
( f2 l) y3 x$ j7 o" l( P. i$ X; mC) 5-year, 12% coupon bond.
3 \9 \. X2 N) D2 u( sD) 15-year, 8% coupon bond.+ G! R" m x- U$ o& m6 N2 y
t- Q/ o* { [* o答案和详解如下：
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发表于 2015-7-21 08:59:22
