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Question 96
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Gourmet and Company has the following information:
+ X( t' i! l' w0 @1 J* JCurrent market value = $250 million. Y9 C6 v, D2 d7 A$ K) v1 {9 D+ a
Current book value = $225 million
& h& O' I4 b) k9 p+ p9 k* SSales = $750 million
$ p0 ~0 ~+ i: [Earnings = $75 million# K! |4 j5 r! |/ \ c
Cash flow = $125 million" f! i8 r5 Q1 Y9 F9 I/ Y
Stock price = $7.50
& h# P! N( e q! [. f* j3 QWhich of the following statements regarding Gourmet and Company is most accurate?/ n( [, V/ A/ {9 s! ]& E( d/ v) ]
A) The price/book ratio is 0.90.
7 d, k% t" c8 N9 D6 LB) The price/cash flow ratio is 0.50.
6 {! M" q3 C4 Y) S- R# lC) The price/sales ratio is 0.33.
; n& `" T: h {; pD) The price to earnings (P/E) ratio is 33.3.2 v* y' F5 F$ ~' k
' i* l p6 Z0 \+ M% k答案和详解如下：
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Question 97) K* s& f+ l0 L; ^. `$ l
An inverse floater is least accurately described as a floating-rate issue:7 Z0 Y$ w7 U8 \- F
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.% b7 Z+ B9 f' k/ c8 m* V# R
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.$ C- T$ W# b8 p
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
7 ^5 a* I6 d$ J% fD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.' r8 S3 c2 p0 I* U; b
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答案和详解如下：
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% M! Q& s9 q6 {1 \0 kQuestion 980 }+ u0 }+ w- {2 ?) \! }8 r
+ K+ T5 W, m8 I8 z, kWhich of the following statements about embedded call options is most accurate?
3 B# W8 H4 \- c* fA) The call price acts as a floor on the value of a callable bond.
- b: h$ z9 ?+ z0 r* yB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option./ |5 P5 t: \/ ~
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
$ O: H4 G* k' X6 T% A! W& `( rD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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答案和详解如下：
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; a5 z" }1 L/ H+ vQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
/ g: \+ w; W0 Z5 D2 C% r1 lA) 6.5%.
7 q/ Z( U! c, J4 u& m BB) 7.4%.
9 \0 {( d ?8 U" |' _2 fC) 8.6%.: ]: Q& X( k6 y/ o- K, `
D) 8.0%.
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答案和详解如下：1 B4 z* l" H" u: t% w6 I
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Question 100# m' n8 y. ~5 K9 }& N
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All other things being equal, which of the following bonds has the greatest duration?$ I3 b$ a. {$ U4 d+ |% R3 ^5 j
A) 5-year, 8% coupon bond.
9 n8 E* Q$ I* V2 N( ]. O' I7 bB) 15-year, 12% coupon bond.; C; z7 ?# ]! u' x4 R
C) 5-year, 12% coupon bond.
e7 u( j) y B, g2 d: f( HD) 15-year, 8% coupon bond." ?# K9 t$ T. Q5 T. f% W* A
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答案和详解如下：7 d8 [1 D) s( ~( }
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发表于 2015-7-21 08:59:22
