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Question 96
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Gourmet and Company has the following information:- b: t) y1 E5 `8 \0 }
Current market value = $250 million! V- M6 g* ?/ o" J7 D) [# f5 ^
Current book value = $225 million: p3 S. z' \- F3 W# S
Sales = $750 million' O) }2 ^3 s- f+ z- g0 F. T
Earnings = $75 million
U8 G7 Q3 K& U; O k8 i/ QCash flow = $125 million/ b) k- [0 C+ I
Stock price = $7.508 B+ [; _. ~0 b
Which of the following statements regarding Gourmet and Company is most accurate?
+ [1 `: W0 C q/ EA) The price/book ratio is 0.90.
& i+ V- ]: l5 Z3 n) W( z( oB) The price/cash flow ratio is 0.50.
* r3 W D9 k: v# Q* r7 Q' xC) The price/sales ratio is 0.33.
$ b5 p! Q2 N0 Q' S8 w; mD) The price to earnings (P/E) ratio is 33.3.( M+ |) \$ F* p# ~
7 [7 D$ ~# ?0 ]. E/ Y6 f答案和详解如下：
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Question 97: t J5 v" b4 F/ U9 q( G
An inverse floater is least accurately described as a floating-rate issue:
/ P/ X1 Z$ E4 q# c$ v7 GA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.# g) @7 x/ O% _4 d( Q# D
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.8 b" j5 A) T- a( I+ }, R# @( }
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
3 `4 t' ~* s% y2 z* }) ~, P7 lD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.5 ]9 b% U. O. P3 m5 Z/ R2 f
$ U, q. Z, O8 @$ @' i- ~7 H1 A答案和详解如下：
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7 S' t+ H. P" u% I3 h+ e3 eQuestion 98
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* F# n$ Y6 e- M* s) [9 U$ oWhich of the following statements about embedded call options is most accurate?
! y0 |4 T7 D# o x& B7 hA) The call price acts as a floor on the value of a callable bond.
) p! N5 h' h2 R4 W( g4 ^- P! NB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
% [: o2 V, T& }3 ^1 sC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
& ?! \- |& J& d: |( L: W, O5 \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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Question 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:; r0 b; i. z* E Z* z9 C8 a
A) 6.5%.
5 W9 z* F( V" y! Q; nB) 7.4%.
) n' n! J* o* Q( R# }9 TC) 8.6%.' _4 `2 b( z- s: `1 N
D) 8.0%.
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" t; |, @$ E% p' A F/ X7 k* j答案和详解如下：
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9 M0 @) g n1 M) d0 RQuestion 100, b2 Q/ ~7 ^; Y9 a
/ w2 j- C1 p, `All other things being equal, which of the following bonds has the greatest duration?
! w, e. |; D6 I8 N% pA) 5-year, 8% coupon bond.
) \6 R$ g8 v4 tB) 15-year, 12% coupon bond.! h k- u/ i" {4 D h
C) 5-year, 12% coupon bond.
9 b: {! J. @& bD) 15-year, 8% coupon bond.
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答案和详解如下：( \; I' x8 ]2 U) p
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发表于 2015-7-21 08:59:22
