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Question 964 M" Q( _& y: z9 W; c
! S* c& n/ @% H0 {) g' DGourmet and Company has the following information:
' y3 q) K. E! g5 U/ [. g5 tCurrent market value = $250 million3 z( S! |6 U8 l
Current book value = $225 million2 o& R, v# p% E8 O- O
Sales = $750 million: q3 r8 _9 p( N
Earnings = $75 million
% y: x& K; R6 ?! [, ~) XCash flow = $125 million0 W3 Z3 u" `" Y7 p( T4 `" U# U
Stock price = $7.505 X: y9 v- l4 D' c7 ~3 [. N
Which of the following statements regarding Gourmet and Company is most accurate?
& I. ^6 o$ Y sA) The price/book ratio is 0.90." C2 Y a* U* {" a+ \
B) The price/cash flow ratio is 0.50.) y5 V, e: I2 `8 S
C) The price/sales ratio is 0.33.
. i3 N, y( K! e; h# E7 C( rD) The price to earnings (P/E) ratio is 33.3.; d& `8 b( g/ _
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$ d) h2 l/ ^! DQuestion 979 i: Y- {' ^1 g, M |1 H' t
An inverse floater is least accurately described as a floating-rate issue:' M' D7 I. \) y) I5 J K
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.* }4 ?; T/ M6 Y# u: E
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
3 a& o4 H P" ]9 h) l4 v: X4 `% _C) whose coupon is determined by subtracting a reference rate from some stated maximum rate./ D* |# T0 P u5 k. g
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.4 r# h* D+ X M& w+ P. P: x
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答案和详解如下:
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Question 983 o$ J( e8 S) \; T2 ?6 f
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Which of the following statements about embedded call options is most accurate?' N6 `( c& s1 S8 W+ ?
A) The call price acts as a floor on the value of a callable bond.3 N. G1 e2 X' C2 k% C
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.
2 T5 A( i: U# Y; KC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* E1 q. E1 ?8 l- e/ g; P& CD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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/ V$ x+ q5 J& f. q7 _答案和详解如下:
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& g# f' @' T, K" kQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:/ h* H* P# ]8 q0 B% G
A) 6.5%.
6 e1 h3 Z& K/ J" l1 ~% r$ sB) 7.4%.
+ `- G6 N0 x' l- R5 M3 [% U0 o4 @$ m, V* kC) 8.6%.
' v# b3 e+ H" n$ H4 u( z$ t1 [5 }9 SD) 8.0%.
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答案和详解如下:
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) Z3 m' H' o( l& d1 n: BQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?4 M5 Y$ ~) x3 T8 @
A) 5-year, 8% coupon bond.
! [2 e$ H2 j2 {0 h* x7 ~B) 15-year, 12% coupon bond.
+ i+ k" q7 B! MC) 5-year, 12% coupon bond.$ z8 y" @8 n* ~) w. R) D
D) 15-year, 8% coupon bond." ^8 {4 ]. S8 L" H& D
7 N- M* y B3 L: n6 ?1 s答案和详解如下:
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