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Question 96, V! D" p e7 o0 c* o
* h! a3 I' U" e7 c$ i) H8 QGourmet and Company has the following information:
: u# V% o/ |0 Z; P. s5 CCurrent market value = $250 million
7 x( |1 H+ P! W* S3 qCurrent book value = $225 million
# O' Z* y1 ]7 z" a% n$ pSales = $750 million
' m% f( n% B! `; Z! R2 [0 KEarnings = $75 million4 ?- V! D$ X8 C- E
Cash flow = $125 million$ ^# b* H! w- B9 Q" Z4 C' l
Stock price = $7.50" _- `/ I3 R# v7 W3 S, d# {
Which of the following statements regarding Gourmet and Company is most accurate?# n% r3 j% M0 B4 e2 n$ ~' P
A) The price/book ratio is 0.90.; `- g$ S7 J. L( H+ N- H" }
B) The price/cash flow ratio is 0.50.
4 S& w+ G1 C, z: W }5 B: `# sC) The price/sales ratio is 0.33.
/ \' X4 J0 t |( J5 _D) The price to earnings (P/E) ratio is 33.3.: q% s0 ]4 w# |' G1 C/ R/ U7 Q$ g0 v
; H$ l; X. f+ b5 k1 S X: g# m" o答案和详解如下：
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Question 97
& [/ j9 P: w' |/ ?& {7 UAn inverse floater is least accurately described as a floating-rate issue:8 g7 `. c; {+ ~4 n1 k+ k0 O
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
; v6 l$ i3 D% E8 @2 @B) that may, under certain circumstances, require the bondholder to make payments to the issuer.% W% y/ H2 r! E! Y
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.8 w$ p( k' ]% D
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.0 J: N4 w- J h4 w
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答案和详解如下：
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; k3 w, K+ K# ]+ Y4 M. z( [Question 98' T; V* L7 D5 E* [
- o6 c- H; k# t3 yWhich of the following statements about embedded call options is most accurate?6 G* r8 Q$ _1 l$ H: k+ i- l" ]" H4 @
A) The call price acts as a floor on the value of a callable bond.
# ~" M% k7 Q" J, ?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.- W, v/ J$ V/ D3 K
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
2 A5 A: O* C( j3 uD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.: u' _$ Y% X4 H- X8 U9 { a8 ?
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答案和详解如下： Y7 i1 V C1 F& m4 Z% ]" H, T6 l
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' K( z( `- b1 _0 ]Question 99
# Y# B% i- o& c4 r1 `# H# k: e: I$ T# L3 D1 X* b) _
A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
5 O7 Q* K# j9 VA) 6.5%. {+ @8 |! V# u& A0 A
B) 7.4%.
' G5 k8 r4 A5 n4 K( q, RC) 8.6%.
7 H; s, C8 [' |/ r2 YD) 8.0%.( D9 X( }8 L. l4 W+ _
" H: `0 M/ v! J+ ^4 }% a答案和详解如下：7 h% A5 U& a" v2 ?, x( e
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Question 100
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All other things being equal, which of the following bonds has the greatest duration?$ z& E( D5 {7 [6 o7 u% R
A) 5-year, 8% coupon bond.
% i( D5 r) D* @+ q/ z7 K: nB) 15-year, 12% coupon bond.
6 |0 s) Q5 R+ D7 y' j0 [6 j/ c4 BC) 5-year, 12% coupon bond.
; f) J% i) K! ?" r5 l; p' MD) 15-year, 8% coupon bond.4 J8 J1 A. a) R5 ^
# R; c* I" ^) Q答案和详解如下：% n/ q, o' ?# [8 R8 R7 Z! p7 b
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发表于 2015-7-21 08:59:22
