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Question 96
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Gourmet and Company has the following information:
3 {1 q+ Y& H* }' H9 ^7 uCurrent market value = $250 million% n$ T M/ r8 y% S7 D8 z% e
Current book value = $225 million4 J }; _. A6 @( f; ?
Sales = $750 million) e5 t+ S* X- [% ^# ~8 y6 m
Earnings = $75 million, ?" x5 H. K _' Q0 L( i5 r
Cash flow = $125 million
* _' x& m! P# N( ?( I; ~9 LStock price = $7.50: }, V* @5 B5 F, U9 v
Which of the following statements regarding Gourmet and Company is most accurate?; j7 H' }- o* R2 x' m
A) The price/book ratio is 0.90.
4 {: y. H% X7 } j KB) The price/cash flow ratio is 0.50.
8 @9 i! ^% G: |3 m/ T. vC) The price/sales ratio is 0.33.
A5 {! M" G, j: ~% {' z KD) The price to earnings (P/E) ratio is 33.3.
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: O( ^5 [8 p0 b答案和详解如下：# @( v3 {* P# Y& }
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; A7 D/ z1 B+ XQuestion 97& ?# a& u$ Q8 ~) r
An inverse floater is least accurately described as a floating-rate issue:
/ @6 M$ y0 |: k/ p3 n0 FA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.2 c; E n* w1 m3 L1 L
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
6 L3 T6 m, j4 o5 l8 \% b0 }$ ^C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
! c# ^2 [3 `& h" F y4 S) d- _1 PD) 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：& ]" Y R7 z' F! E0 K; d2 ]
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Question 98
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Which of the following statements about embedded call options is most accurate?% `8 A2 L# m& Q! ^/ K7 @) {+ o% h m
A) The call price acts as a floor on the value of a callable bond.7 s% a+ u* \; a! R, F
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.% b8 v- b1 i0 p: S I- }1 l# G) ]1 ]5 `
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond., @. ~: N* X, w0 F9 _
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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Question 99
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9 V8 D n' p' aA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:# T( \ z' q' ], I, p) O2 C v
A) 6.5%.
- \8 a" s& X# k6 {: YB) 7.4%.) s4 c* }( D# l; q
C) 8.6%." i# P( D) [. C5 m$ V5 O7 m7 Y# |; }8 X
D) 8.0%.
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! t/ J7 _6 r8 z- {- ?答案和详解如下：
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+ ~3 e! V% q) l" v* H( [, LQuestion 100# @2 W" R* F! O. Y- L' c# ]; H6 I
6 q A5 E8 l& g, gAll other things being equal, which of the following bonds has the greatest duration?
5 j6 J$ l4 C# |; A7 |& C4 d% XA) 5-year, 8% coupon bond.
" r1 x' B9 Z7 S% H0 \" L) e( b( VB) 15-year, 12% coupon bond.
6 ~2 ~! N8 L/ N/ @C) 5-year, 12% coupon bond.
& C2 c& }; ?, V2 t, g) o- v$ nD) 15-year, 8% coupon bond.
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3 |& X' L$ l& h* N; u" k答案和详解如下：! V |- Z& ?0 R4 ~/ v0 g
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发表于 2015-7-21 08:59:22
