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Question 96+ f" F) A$ w8 p% t T
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Gourmet and Company has the following information:9 ^! Z1 [7 N& Z, K
Current market value = $250 million- n! P: |! Z8 o+ K
Current book value = $225 million
* W+ S# b; h) _- D) }7 P. v4 a, qSales = $750 million
; d, B! a7 _4 V1 M# VEarnings = $75 million$ \5 Y( I7 q/ Y# C2 t
Cash flow = $125 million
% i8 L6 E5 h/ o- Q( bStock price = $7.50
6 I6 m/ n/ S1 l) a! M9 IWhich of the following statements regarding Gourmet and Company is most accurate?! k8 R% O- y7 e, r) S0 B+ D
A) The price/book ratio is 0.90.' v1 z& D" X# D' M- o
B) The price/cash flow ratio is 0.50.6 g9 {' o, Y5 G% d. X0 B
C) The price/sales ratio is 0.33.
- \. c I+ k# F3 _) K2 YD) The price to earnings (P/E) ratio is 33.3.
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8 X* o5 m+ U2 `8 c' i答案和详解如下：
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* W5 _' X. b) ^# N6 \5 ~* VQuestion 97
8 B V/ c6 c! w4 PAn inverse floater is least accurately described as a floating-rate issue: \( W2 B2 w+ s
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
, {8 H% q1 K# w- {B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
- R+ _+ X! z( J/ V4 ]/ w$ @C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
+ \8 ]9 @& |$ Q3 _7 sD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.6 W+ y6 Y* D- q- I+ \- y; T
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答案和详解如下：( h% j6 ^ H6 z7 H7 c3 w( w8 ]
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3 T+ Z5 K4 x/ WQuestion 98+ b8 a9 {; V2 t; {
9 L; {& U& E! ZWhich of the following statements about embedded call options is most accurate?
6 Y$ }4 p2 m1 N8 N" N8 a: U$ f( _A) The call price acts as a floor on the value of a callable bond.
' q1 L" i) I" o3 XB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
0 t; _ ?4 z5 p/ a: N; p8 B( u( NC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond., f2 x' U. p. L! ], b" @8 Z
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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答案和详解如下：
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0 S5 [4 f/ P8 m9 g$ fQuestion 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:
, U9 f; x3 L/ I! R* D; Y8 m- jA) 6.5%.( a0 B ^2 S! ?+ u ^
B) 7.4%.
# t2 ?2 c- @7 O* K! s8 |C) 8.6%.6 ]3 I, q& h! x$ G* a& [! I+ \& N
D) 8.0%.# c( c6 C8 l$ J# a2 u+ {3 D9 Q
/ R7 N% D% A$ O% a \! W& d答案和详解如下：
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7 {3 O$ N. ] a9 `5 s$ }* NQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?
; g9 E" P) x0 ~) s! |A) 5-year, 8% coupon bond.: _' {8 X V2 ~5 P2 h# g
B) 15-year, 12% coupon bond.7 z) l9 b" b7 X& N) ]& ]
C) 5-year, 12% coupon bond.
8 Q/ ]/ m+ n2 k; t/ r4 {( t) P7 oD) 15-year, 8% coupon bond.' [, d1 Y8 p- t \) b% Z
* @6 M% F+ R" Z答案和详解如下：
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发表于 2015-7-21 08:59:22
