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Question 968 O7 l) h0 ~$ g* Z
/ s5 S2 Q( E3 o9 ~; n, D5 yGourmet and Company has the following information:/ O. \& W* s+ d) g
Current market value = $250 million7 j2 r2 g" |7 C* {" O7 R' k
Current book value = $225 million
Y# {# h3 W1 L eSales = $750 million
2 e7 v3 {$ O4 W9 E% h7 C' ?Earnings = $75 million
8 i" Z! X7 C, M0 H B; LCash flow = $125 million
, ?1 y( s* Q+ k# I* Z8 _ k! xStock price = $7.50
- `" _" z7 H# a$ h8 W1 \Which of the following statements regarding Gourmet and Company is most accurate?4 ~7 d; N. m* ^7 E. N, D6 X
A) The price/book ratio is 0.90.
8 ^+ s" j) Q, x7 K LB) The price/cash flow ratio is 0.50.4 Y9 A. b. U% X' j- F/ A
C) The price/sales ratio is 0.33.
- P" D% X5 @& z9 XD) The price to earnings (P/E) ratio is 33.3.8 E( d5 ]' ?3 ?
3 a# u) S' ^0 l6 @答案和详解如下：& b. i/ |/ |4 ^9 X, k+ l
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9 ]4 E$ N' t% i: `Question 97: R! C% O0 T& B: E) ^
An inverse floater is least accurately described as a floating-rate issue:! x3 q6 ] p# j- `
A) whose coupon rate will increase as market rates decrease and decrease as market rates increase.& s! u, }5 Q) e* L% T: K/ \# T
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
) k2 s5 u% N2 n' BC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.: }" s: P# z3 U# k: S! k
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.3 N. D w4 p% }
+ t$ }8 v+ l% l- _1 |; y- f答案和详解如下：
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Q* h0 e! ?. H! c5 N! v2 W( {Question 98% a% ^- o' x. a- m% Z
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Which of the following statements about embedded call options is most accurate?
4 H2 ~2 f; d4 i6 m! {A) The call price acts as a floor on the value of a callable bond.' F- E( l4 m7 U5 ]! _
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 V7 z' ^! a7 c# m; ?: ?$ n8 s. tC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
" N A: V8 m+ [' A1 e9 sD) 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：$ z7 Z6 u1 K, u& L( T5 a: U+ x
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Question 99
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# D0 m- h3 @% @6 E( @8 r4 C/ `5 f! ?8 YA 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
" I9 S: k, i7 m! [/ g8 Y: z0 FA) 6.5%.
3 P+ f o) B7 w8 ?' y3 d0 ]B) 7.4%.1 y% L; E* k/ z: a2 T
C) 8.6%. S5 a: g. e$ w/ C. A9 u$ H w
D) 8.0%." r% |/ b7 G) k- L4 v# j/ Q0 S
% ^; B" r* ^9 {6 Q6 x答案和详解如下：
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1 G9 B4 S7 z9 D# U1 d" ]; v3 R/ HQuestion 100* ]0 I8 Z0 V2 R" d4 m }: Z
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All other things being equal, which of the following bonds has the greatest duration?2 L* C- P# O7 S J4 n8 M/ s
A) 5-year, 8% coupon bond./ L8 p/ W( c1 M" T! T
B) 15-year, 12% coupon bond.1 O0 N& \- r/ i: t
C) 5-year, 12% coupon bond.
) c6 I0 A# o; CD) 15-year, 8% coupon bond.2 V" z5 F; x0 ^1 G
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答案和详解如下：
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发表于 2015-7-21 08:59:22
