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Question 96
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1 a+ a7 F% x+ B4 SGourmet and Company has the following information:
6 s+ s1 c1 m3 k' R7 C0 FCurrent market value = $250 million
; H+ N2 @* C, ^3 ACurrent book value = $225 million
3 b* F- W! @( @3 D q9 u4 l% hSales = $750 million
1 }! D# G: \! m( J8 UEarnings = $75 million
+ c: c% H! J4 K% A4 X/ JCash flow = $125 million$ C$ b1 k$ G8 [3 F& g' \% m
Stock price = $7.50
5 ~# q. x, v: a) Q. g/ {Which of the following statements regarding Gourmet and Company is most accurate?
7 `3 l: T7 B: s a+ i' xA) The price/book ratio is 0.90.
3 T, E& i$ l# g5 x2 WB) The price/cash flow ratio is 0.50.% _! g, I5 Y d. M3 P
C) The price/sales ratio is 0.33.9 c' B. `( z. W/ Z2 ~7 a- L
D) The price to earnings (P/E) ratio is 33.3.( [9 X' A$ l, J! u1 {& @
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答案和详解如下:
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: o8 W U6 H, v7 AQuestion 97
; u) c1 k" |4 bAn inverse floater is least accurately described as a floating-rate issue:$ m' M, s' e' O7 Q/ ~
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.! s4 N4 Y$ V9 x9 N
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.7 C! G8 ?- }, R5 R( u6 [0 I5 n
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.3 g: B' Y+ D( K( K/ M# O
D) 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:3 R/ @' n% X' E. C+ w- g) h
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* R6 r' _ _9 Y6 DQuestion 985 _7 b- J+ f3 ?* A" @
! Y3 g0 t+ O( v0 B w- F cWhich of the following statements about embedded call options is most accurate?
2 S" U. B/ F4 h) f5 ^9 hA) The call price acts as a floor on the value of a callable bond.
- d7 F( S" q! P0 z" 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.
, b k2 V: F7 s4 qC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond./ q# y1 D, i6 [, Y$ {5 y! }, b- ?
D) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.$ ?8 q; W0 y/ ?- P- Z( x! E: ^3 W$ e
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答案和详解如下:
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/ {& t5 J+ z) FQuestion 99
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/ R: e( ?3 I7 q! W; b4 LA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:6 B; ^3 F; H- T. r7 B: c
A) 6.5%.4 X" m: `$ U+ h& R
B) 7.4%.$ V5 U" `2 u, ?+ \/ W; T- s
C) 8.6%.
s/ X/ y/ R; m. X- L* P& jD) 8.0%.9 M. T# V5 ?$ a5 ?( S, e9 P
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答案和详解如下:
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7 E% w$ |# n7 Z' T- ?8 \5 SQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?
. g% g9 l; B- i0 ?- R+ P) jA) 5-year, 8% coupon bond.; H- F( r4 i) I& T' K$ B
B) 15-year, 12% coupon bond.. V* n5 a5 Z; k
C) 5-year, 12% coupon bond.
( J$ r5 o+ [; h$ Y \3 KD) 15-year, 8% coupon bond.! {" E6 a& V3 I6 d" X; Z
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答案和详解如下:
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