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Question 96 B* b& g8 N6 U3 K0 k4 G+ v
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Gourmet and Company has the following information:
- f; N0 a9 l O5 `Current market value = $250 million
8 A3 L5 p, x+ B2 D8 c" c6 ZCurrent book value = $225 million
" [; o* ?# W7 b5 R2 ySales = $750 million
: `2 ~& R3 p: J2 d* t) y/ E) Y# IEarnings = $75 million
, l, k. d" i2 |4 t" x' l! OCash flow = $125 million
' R) i6 s' W% S& mStock price = $7.50
/ [ U6 i! L$ r/ J* }9 Z |. `; ?Which of the following statements regarding Gourmet and Company is most accurate?8 u2 B" _- X6 Q1 }) S M
A) The price/book ratio is 0.90.9 T* e4 b* z) {# O+ @5 m
B) The price/cash flow ratio is 0.50.2 _' X8 Q4 W( L, E. p
C) The price/sales ratio is 0.33.
0 a6 z7 o+ I$ \! MD) The price to earnings (P/E) ratio is 33.3.7 s3 w5 D* U5 Z" L
" H( O8 n9 v0 i) H: `% q& [7 z# }答案和详解如下：/ J. c' u3 I. J& F4 Q
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Question 970 P" A" Z# t& Q" Q
An inverse floater is least accurately described as a floating-rate issue:0 y9 v9 F2 ~! W) ?- Q% `: e$ T
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
; d/ w* \0 V; xB) that may, under certain circumstances, require the bondholder to make payments to the issuer.# \9 o! r' q2 ?( ~0 a% ~- [. M5 R
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
' ~! D" j$ q" e- p! u/ BD) 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：& ]) U$ t7 w2 m, h
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Question 98
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, c' ~( d, s* l1 _Which of the following statements about embedded call options is most accurate?
9 ]; S' F# Q1 g2 GA) The call price acts as a floor on the value of a callable bond.# t8 _$ T3 O6 y1 P/ A
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.( R: D4 s# N) [6 L) o6 q
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.2 h& k! O( i# b8 ~- c
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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" f7 q9 o% s$ R! K' A% U' r答案和详解如下：" }* m3 c+ R# z' g
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Question 99
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! }# A' A' A- [A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:/ u7 d3 W4 U; N. @! N- s5 S
A) 6.5%.
; K" j+ X1 Z2 ~B) 7.4%.: m% c2 J9 B; Y+ |4 f0 T n
C) 8.6%.0 o# Z5 D; Z, q5 \% ]) C
D) 8.0%.
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+ |# k; V& ^& t' E/ z4 m" ~1 w5 J. ]答案和详解如下：
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_# q3 {- e! ?5 n* \5 R0 ~Question 100 M, ^' m6 ]+ b
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All other things being equal, which of the following bonds has the greatest duration?
7 f s, ^7 U8 n$ ?A) 5-year, 8% coupon bond.; Y; s/ f3 o3 D) p4 w
B) 15-year, 12% coupon bond.
: j% Q, u3 ]+ s+ I* m* d. v f: KC) 5-year, 12% coupon bond.
& }/ w( S6 b; G- d% m6 c" VD) 15-year, 8% coupon bond.
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* O( G5 H g' \' h4 P. e3 i答案和详解如下：# i' \; p( V. S; o: p
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发表于 2015-7-21 08:59:22
