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Question 96
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Gourmet and Company has the following information:- I) c( G* a; V1 M' y! y9 p+ X5 ?; a
Current market value = $250 million
b3 V9 i- O4 H3 ?5 v, D/ K2 R* JCurrent book value = $225 million* A7 E3 H6 m: h& s- D: g E# m
Sales = $750 million) W# z3 G5 H9 j, @ T
Earnings = $75 million6 \4 ]+ e8 f( ^- T% H( Y- n* Q1 o" o
Cash flow = $125 million. O u% I. j+ C1 h$ q1 S
Stock price = $7.50$ L( ~# Z! A# ]9 E% d# o3 F% X j
Which of the following statements regarding Gourmet and Company is most accurate?2 }- I/ n: \6 U+ i% [1 r. g y
A) The price/book ratio is 0.90.
7 C4 g4 r! d, y0 RB) The price/cash flow ratio is 0.50.: D6 M* V) E) T3 m8 I
C) The price/sales ratio is 0.33.
: q$ A7 S/ v$ O1 h- AD) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：/ b1 @& \' T1 k3 c) }
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3 X+ h' ?( K, w: ~' r5 HQuestion 97) z9 h0 X# z3 i7 [1 Y8 O
An inverse floater is least accurately described as a floating-rate issue:- M' | V8 R. m4 F3 Z+ r: D
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.& L) N5 D- C9 _$ j
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.7 P G, H$ Q' r' Q
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
' A# F ^, ?, q2 yD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：1 }* v0 x8 {5 }- K" ^2 h, m! n
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# h! j2 N& Z9 L6 `" F; fQuestion 98" n; ^9 {/ z6 u% c5 ?( L' p
2 {7 [! y6 Q9 \4 n8 O: `Which of the following statements about embedded call options is most accurate?
\" M, V% m2 h: D I3 NA) The call price acts as a floor on the value of a callable bond.
3 C: } F: {8 uB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.0 T3 A) o% g8 q K, e( K/ u
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.! k+ _, k+ O3 ]- @6 I' s
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.7 ^( Y6 z }# t
- t# c7 j8 J. ]" g! F答案和详解如下：
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( b3 _5 M' V5 S' Y7 z. H+ u! VQuestion 99/ v3 F# w8 n- A# _7 |0 o
" w; V q4 b( bA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to: {- Q, c, A: x
A) 6.5%.
& C# q' E7 N/ P& s* O. ZB) 7.4%.
0 G7 c6 U7 p5 V( D; Q0 v. J' RC) 8.6%.
/ C2 S; Y. m, F* e! Y: j. ^5 Q' f; eD) 8.0%.& N$ x) [& x0 V- T4 z
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答案和详解如下：
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4 n8 k/ q3 s/ b6 T4 b, jQuestion 100
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) y& c: r" W( ]- rAll other things being equal, which of the following bonds has the greatest duration?6 P/ x/ F, T4 P% l) |4 |, o% H
A) 5-year, 8% coupon bond.4 w& J" t- u; ]& u
B) 15-year, 12% coupon bond.
/ @- M; m2 F( b" jC) 5-year, 12% coupon bond.1 m( i" w' C+ b
D) 15-year, 8% coupon bond.
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: ?) t( p" \* E6 j* V" E, ]答案和详解如下：
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发表于 2015-7-21 08:59:22
