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Question 969 t* A, e9 ^$ ?& b7 _* d( S) W
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Gourmet and Company has the following information:* K7 K- d1 W7 {/ A5 H: m
Current market value = $250 million
\0 O# r* U7 M' tCurrent book value = $225 million Y' E9 S3 u7 }
Sales = $750 million. M- p4 E+ P$ N' ^9 \5 B
Earnings = $75 million) p1 U5 q' A/ F, g1 D) k
Cash flow = $125 million9 m2 J& @5 {6 z
Stock price = $7.50$ \+ U( {5 g" m8 U2 |1 w( C
Which of the following statements regarding Gourmet and Company is most accurate?
& l! D/ H& p3 J4 Y' S jA) The price/book ratio is 0.90.
( M ^5 f. I) x3 Z/ V+ {B) The price/cash flow ratio is 0.50.& u# @5 l ~' C% |0 ^; ]/ { z! ]) n
C) The price/sales ratio is 0.33.5 H/ o0 x B. Q% Y e
D) The price to earnings (P/E) ratio is 33.3.- @/ a1 C9 |7 }( _& A
* U1 C0 r, x7 `* N% u+ B答案和详解如下：
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: j, B( @. g/ b% PQuestion 97- G; `' K$ r9 M
An inverse floater is least accurately described as a floating-rate issue:4 u- r' G; v' B+ T* y
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
9 p4 O9 W# @/ R( I7 n6 v- H1 B0 z- Y8 fB) that may, under certain circumstances, require the bondholder to make payments to the issuer.
& k+ v c- h# |: J) U1 GC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
! b& f* |! }! S g( c1 FD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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Question 983 A v( I" i) n' x5 o
/ ^# q! u% l ]* V& XWhich of the following statements about embedded call options is most accurate?" P/ z+ ^$ `! Z! {5 t# M# Q8 R/ E
A) The call price acts as a floor on the value of a callable bond.1 ~# }+ [# F; y5 o# G1 b1 `
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.
`; p/ q2 ~0 ?6 r. w# v+ W# H% JC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
: i" z2 ~( X8 h% b' GD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond.
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4 j9 u2 j; F1 [1 ^' f# d答案和详解如下：0 h) i- \6 A* h$ i( Y/ d0 n
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; ~5 d7 C# x2 K; K& R, k: RQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- ^# ` i0 o2 VA) 6.5%.
- T5 l# S' K4 ]B) 7.4%.& C# v$ C) H9 v2 u/ g" q* e* {
C) 8.6%.0 R( Q# ]7 N: h7 d8 h# ]* \
D) 8.0%.
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答案和详解如下：
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/ ^% r# r9 C4 k' e2 G! K: W# KQuestion 100& Q* P* C/ R( I. `4 Z$ ]
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All other things being equal, which of the following bonds has the greatest duration?
& B9 a1 P+ c, q+ e1 bA) 5-year, 8% coupon bond.
2 M+ Q* f4 l; W5 U: OB) 15-year, 12% coupon bond.
' w4 }2 g. {" pC) 5-year, 12% coupon bond.
' r( F; O% S& I0 n+ K7 T- X, P( PD) 15-year, 8% coupon bond.
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: }; T% F, d$ X/ K- C. _+ o0 j答案和详解如下：
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发表于 2015-7-21 08:59:22
