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Question 96
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1 ^, e/ _4 O" K3 }Gourmet and Company has the following information:
0 Z7 N4 Z) n- I- p+ Z4 y9 CCurrent market value = $250 million
7 p- g5 }3 k; y1 ` Q# o8 X3 \Current book value = $225 million
" q9 e' H) \- l3 ISales = $750 million
9 U, U5 w, f# Q) y* D+ OEarnings = $75 million& V! D4 K% ?& k M0 ]# m" I9 l" B- t
Cash flow = $125 million
6 _# z& R; X/ P7 yStock price = $7.50* V. E# k) U z1 X! _1 ^
Which of the following statements regarding Gourmet and Company is most accurate?
. B2 Z7 F+ A( F! g0 q' AA) The price/book ratio is 0.90.+ O3 I- o/ P5 o
B) The price/cash flow ratio is 0.50.
H( ~$ @& ` P4 a) Z1 AC) The price/sales ratio is 0.33.
9 F4 s' u" s! `2 f2 L5 R! L( D, ZD) The price to earnings (P/E) ratio is 33.3.9 n# I4 {( x4 Q( w& h
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答案和详解如下：
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Question 97
6 V6 i7 Z( y/ q' Y4 N3 Y7 SAn inverse floater is least accurately described as a floating-rate issue:- Y- f7 r1 M8 _8 g( k& w
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.( p$ P, B& ?" Z2 |6 q
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
& u% M& ^+ E& e5 C& k, GC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
2 ~: u, ]! e, l+ Q& xD) 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：; R: v/ j" T1 S3 G. D6 |
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Question 989 m( m( t* U+ p7 U
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Which of the following statements about embedded call options is most accurate?
) h) J3 ?/ k. c) _. J, M8 RA) The call price acts as a floor on the value of a callable bond.6 b4 P# W8 l) c6 ?) G
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.' n6 }1 ^8 C4 w' |8 W# s: s- ^
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.; s. a/ z7 e1 z# u9 ~
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond. `- l9 C; y1 Q6 a
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答案和详解如下：
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9 Q |! @8 o' m0 H1 ZQuestion 99
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0 D( m0 ]5 h Q; `' IA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:. @& s& A2 x) J1 [% Y* `
A) 6.5%.# d/ b4 i* L3 B
B) 7.4%.
) A" z6 F& T, e# O) I( YC) 8.6%.
0 L8 }8 l1 ~, r+ Y2 o. _D) 8.0%.) c, v# S) K+ b, V" `+ V% D
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答案和详解如下：3 v. `' ~% m+ |9 t0 P, v% ~
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0 _$ c2 X9 q; F4 M) w1 e6 ~Question 100( H& o4 z1 I( M4 F3 M+ t) g
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All other things being equal, which of the following bonds has the greatest duration?: z0 j* d2 \, k7 p6 U5 _
A) 5-year, 8% coupon bond.% {7 s, b6 u) x5 {1 [7 s0 m# ]% C
B) 15-year, 12% coupon bond.2 C2 U0 \ R5 b7 b b3 [
C) 5-year, 12% coupon bond.
; |/ c/ p- X, @2 R. d* MD) 15-year, 8% coupon bond.
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( @8 c- H" Q6 c% N/ }+ K! E8 g答案和详解如下：5 d( Y' W& ~& a8 T5 x8 w- {
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发表于 2015-7-21 08:59:22
