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Question 96- B3 M- p: d( k6 { ?
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Gourmet and Company has the following information:) r2 c) O1 p ~% o. b5 S
Current market value = $250 million
+ v( U5 U9 `; ^3 ]+ [3 `+ GCurrent book value = $225 million
2 D2 D9 H' N s# J- ASales = $750 million
& T/ B6 W( \# E, lEarnings = $75 million
# |; t. N9 s% n* }Cash flow = $125 million
6 e2 w2 R4 h4 }( w* _9 L( Z. a$ xStock price = $7.50, D% C4 [% X( S' F# J
Which of the following statements regarding Gourmet and Company is most accurate?
* G+ D0 j( A5 l( UA) The price/book ratio is 0.90.( Z8 [) ^% w; Z& e5 ?
B) The price/cash flow ratio is 0.50.+ Q: I5 L0 P" ?- E2 b$ X; F
C) The price/sales ratio is 0.33.( ^4 E6 F) c/ ~, G' K/ q0 U2 J
D) The price to earnings (P/E) ratio is 33.3.
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答案和详解如下：
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Question 970 f% v' Z6 m5 }* C4 Q% I# i
An inverse floater is least accurately described as a floating-rate issue:" ^1 F1 X4 t1 k
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.7 _3 M4 d1 d& A
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.( l* q6 A4 V* o1 ~2 W- M
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
9 m" _" e m- v1 `$ I( q! X4 m: @D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.& U) Z3 g/ H1 c
# K9 A3 C0 h9 p7 ~6 u答案和详解如下：
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/ T$ o( s! _4 A/ xQuestion 98
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Which of the following statements about embedded call options is most accurate?6 F* j; W- ?9 R4 [/ A, Z8 Z) q% s q
A) The call price acts as a floor on the value of a callable bond.
$ B6 _ N3 T% d7 x vB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.7 @: ^- p+ f9 u0 T
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
1 _0 I* b8 H+ x+ u3 i9 ZD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.# n: ~) j/ ?8 U
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答案和详解如下：6 X! g# r+ I0 P. y
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2 S& p9 Y1 u/ I- j1 wQuestion 998 c, f' ?, }' ~5 T1 n
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
/ O$ p. |, B& b( mA) 6.5%.. l6 a; ~2 Z% p& ?+ g1 O
B) 7.4%.* D1 a4 ]! H1 l( y7 I
C) 8.6%.1 c4 }& y0 P! L
D) 8.0%.- N4 i+ T6 ~) m+ D# b
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答案和详解如下：
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- d8 p* l( K. h$ ^. v. b0 k, cQuestion 100, m& i( ~3 m/ D' n2 i1 ]
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All other things being equal, which of the following bonds has the greatest duration?
: ]- {6 _) j4 y$ ~0 FA) 5-year, 8% coupon bond.6 S* \( ^; [# q. c& u
B) 15-year, 12% coupon bond.
8 }) r. N1 |, wC) 5-year, 12% coupon bond.
9 |: |! E' G* h4 C. i; UD) 15-year, 8% coupon bond.5 e% L+ Y. V) O2 Q9 v9 ?% S
, j' i% P6 @5 g- q% E# U: o答案和详解如下：
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发表于 2015-7-21 08:59:22
