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Question 968 G- ]9 m) b+ T Q2 b8 e
( r b9 |! R7 o3 q0 n1 L$ tGourmet and Company has the following information:
7 X6 m b) G# N( XCurrent market value = $250 million
/ o& I: F, A" p- MCurrent book value = $225 million
8 l5 G6 Q% p! { K% r$ K. ESales = $750 million- j! {+ E4 O9 \1 X/ w
Earnings = $75 million
4 w5 ~4 c; g( M: \& d1 B; r/ eCash flow = $125 million8 |0 Q# X( F5 a& E# V, r
Stock price = $7.50/ {" E. i2 H, e6 ]9 H8 Q: ~
Which of the following statements regarding Gourmet and Company is most accurate?- n! _" A2 a! h2 x* O9 m
A) The price/book ratio is 0.90.
' Z, e3 o! w$ S QB) The price/cash flow ratio is 0.50.
9 {5 _: W1 U0 ^: n8 [C) The price/sales ratio is 0.33., N4 [* q) `. _; ]5 \4 a
D) The price to earnings (P/E) ratio is 33.3.# l$ n8 ^9 S# R7 \+ y5 V/ U4 O( h
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答案和详解如下：* ~4 Y% k$ {2 L8 F
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Question 97& I$ M: ?" H# i5 F
An inverse floater is least accurately described as a floating-rate issue:
9 [4 s* V( b2 `) E+ fA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
* x' e9 B: k3 {0 x) }2 @3 JB) that may, under certain circumstances, require the bondholder to make payments to the issuer.. H& C4 l) u/ a2 x6 G, y9 ]: h
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
5 o1 e% ]+ L3 d/ ]2 W3 {0 KD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate./ u. m; u. F D! h7 Z
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答案和详解如下：7 C+ T' G- K8 D4 {
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Question 98
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: y% S7 u6 R3 M! G2 p: B* eWhich of the following statements about embedded call options is most accurate?9 i$ H! F$ p0 {: e
A) The call price acts as a floor on the value of a callable bond.: v* v* [6 v7 j0 y! K
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.1 O l3 [2 V. C& A
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
$ k3 ^) K; s& ^2 Y- D( p2 M4 LD) The value of a callable bond will always be equal to or greater than an otherwise identical non-callable bond." R; B0 F* F; M% A
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答案和详解如下：8 K9 i+ a7 o/ O* J& u2 U8 E# T' w4 d
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% n$ \# g; L, z8 a5 c+ DQuestion 99
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:' d H% k E8 E5 v' x
A) 6.5%.
* B. ]) D- |3 B9 u6 X# _B) 7.4%.
6 Y8 [2 K% U& v" t- Q7 f. [7 hC) 8.6%.8 J* t! o* X% n M8 d
D) 8.0%.
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答案和详解如下：& c2 ^: m+ g! d( }5 G1 ~1 B1 ^; \
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7 J& B4 R1 \# w' {2 P0 D+ y: h+ y3 DQuestion 100) A- B& B1 j6 z4 ~0 M& L9 j
& t9 f3 D# c* n3 oAll other things being equal, which of the following bonds has the greatest duration?% i, C/ Y% U$ m6 I6 J6 ` o: O; J3 R/ `
A) 5-year, 8% coupon bond.7 C' y9 B- Y! w/ [ B' I2 A
B) 15-year, 12% coupon bond.
! g2 H+ z& o% S4 GC) 5-year, 12% coupon bond.( T, p3 B- b) w4 J) K
D) 15-year, 8% coupon bond.3 g' m0 d0 V7 r
& w$ {: z" E8 i2 t) D答案和详解如下：$ i: E: B* Q5 M
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发表于 2015-7-21 08:59:22
