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Question 96* }6 ?* k- L1 w6 P" j
# Z; c5 [4 X% K# _+ [: v" u8 ~5 iGourmet and Company has the following information:3 x2 B" F: x' u; k3 z" X! q
Current market value = $250 million4 h0 h* }/ G' W0 @0 H9 E
Current book value = $225 million
0 o2 Q9 j# z" b n! E$ X+ y5 Z( rSales = $750 million8 A, Q. x+ D a: U6 s' B. l0 k; N4 U9 M- U
Earnings = $75 million
2 T) U/ d+ `* l! p! YCash flow = $125 million
3 O6 p5 t1 Y( ], u3 ^+ [" [Stock price = $7.50+ N' T v( ^3 |& l* X o, i1 _0 T
Which of the following statements regarding Gourmet and Company is most accurate? N% J& |# u' E! t) @
A) The price/book ratio is 0.90.
& H, ^4 \( l; Q, ~7 EB) The price/cash flow ratio is 0.50.
& f2 R% z1 f3 @. j/ l4 ?C) The price/sales ratio is 0.33.
$ v. M7 V$ m8 O/ l0 j2 V5 z2 XD) The price to earnings (P/E) ratio is 33.3.6 B2 @" P, j0 f
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答案和详解如下：: z+ N! n% G' f( U4 i
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Z9 j4 E) S D$ j9 E0 L9 kQuestion 97
" d0 }& j/ }! TAn inverse floater is least accurately described as a floating-rate issue:0 F# j* B2 p" I- ?$ ^
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.3 z [+ a5 ]% [* _3 m
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.6 ]( D2 b! U) X& K
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
, j1 x3 O! ^: u1 Q+ Q% [D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.8 c3 F# m8 ~& q+ h4 Z
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答案和详解如下：8 j3 L+ ^' ?* D- X- y) s9 t9 ^5 R8 i6 R
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* C! J0 G! `- \; CQuestion 98
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Which of the following statements about embedded call options is most accurate?$ x8 b7 `. q E& t8 P
A) The call price acts as a floor on the value of a callable bond.
$ V9 `6 R5 z, h/ |- P' O0 qB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.; k: L' G8 V, I& ]' F) |; C
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.3 _( ] A; K- F( t( h+ |) w* {
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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& V; G! F, \: g4 Z% |* F答案和详解如下：7 a4 D# i7 A2 m4 _( {! x
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/ `% a. c+ q1 U! x. a I1 hQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:) s$ @# L2 M/ Q' w$ `% ]( Z
A) 6.5%.: n Q1 g; _# k. V: }& T% _
B) 7.4%.
/ ~8 f$ x/ a7 d- M* w# y+ QC) 8.6%.
0 J6 m- G+ T: N- \* k: @; w# TD) 8.0%.
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2 k# y0 ]8 ?- M( N: W$ E" W4 g; m答案和详解如下：+ _4 h% V) }2 N# M! N) \- b
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Question 100. p9 o1 Q' y6 @- f# n
: T8 N3 ~+ x* ^" F0 JAll other things being equal, which of the following bonds has the greatest duration?
1 W( P/ b5 R, @( M& oA) 5-year, 8% coupon bond.- Q1 w' G9 k; B2 E# d) N5 S. S
B) 15-year, 12% coupon bond.+ G- [3 z. g& I" @0 q% z0 E
C) 5-year, 12% coupon bond.5 q6 u7 C# l3 Y& T5 w' R" U- Q7 w$ w
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
