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Question 96
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Gourmet and Company has the following information:8 ?6 R9 V4 l, P. I* u o
Current market value = $250 million
& ^1 k% B4 H( K# Q0 w& i6 RCurrent book value = $225 million
9 j0 E3 m$ a) }8 U1 B2 USales = $750 million
: e5 S7 a" R+ P7 |. T' LEarnings = $75 million
& B% t. A( b2 w& n6 x5 bCash flow = $125 million7 f' \. Y! T- |& |0 G6 g: W8 c
Stock price = $7.50- g( L) |5 a$ l* S$ s+ z! f
Which of the following statements regarding Gourmet and Company is most accurate?) s) f. R {2 r2 l& ~
A) The price/book ratio is 0.90.2 `, C! \2 ~1 R# ]8 o. k
B) The price/cash flow ratio is 0.50.
1 Y1 c: E0 `7 B2 l DC) The price/sales ratio is 0.33.4 X+ I/ }$ ]; [+ A3 i& t4 v2 Q
D) The price to earnings (P/E) ratio is 33.3.
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+ r8 r; n6 E7 c3 E1 R) {. `8 g答案和详解如下：( j# d1 X* q0 [8 h0 l
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7 t7 P# S7 g5 E0 I7 G* T. o- ^ VQuestion 97
+ t7 y: ~# s: QAn inverse floater is least accurately described as a floating-rate issue:
# n! Q8 w* Y5 R- V- ZA) whose coupon rate will increase as market rates decrease and decrease as market rates increase." y+ x5 u& g' @9 N) u4 I3 x! f
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.: l% g4 ?& {9 ^9 y
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
" P$ C8 G, ^) R3 ]& TD) 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：
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6 n! `/ p9 G% Q, U: U3 fQuestion 98- s" U& Z5 Z7 c4 }
$ H0 m$ ?) \/ i$ ^: kWhich of the following statements about embedded call options is most accurate?
+ ~/ \! X0 L/ V1 eA) The call price acts as a floor on the value of a callable bond.0 `8 C- f& u1 s' I" e
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.
2 o; [; U6 e% i# k, B8 jC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
; Z7 x8 w6 {0 k/ uD) 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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' O9 N+ V& \/ I1 AQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:: b# v8 m. e5 R6 f; o
A) 6.5%.$ C/ C# |: ?) I& |' T
B) 7.4%., ]2 J: u* D1 l K' I
C) 8.6%.
+ W8 G, E( n# r$ l9 F+ _D) 8.0%.7 J/ s0 N! o ]! u+ g+ m) f+ N
: l/ o2 `, v- {- [' P" H! C0 z答案和详解如下：
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' Z( r V R( i# A5 K9 s' Y: X0 vQuestion 100
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All other things being equal, which of the following bonds has the greatest duration?
, d+ g k t; j% o! SA) 5-year, 8% coupon bond.
/ s% D, }% F% ~+ Z6 `B) 15-year, 12% coupon bond.- z# Z" K4 f6 m5 S
C) 5-year, 12% coupon bond., s, P( E0 f; P1 p" I4 C* [4 o
D) 15-year, 8% coupon bond.
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答案和详解如下：
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发表于 2015-7-21 08:59:22
