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Question 96" c- ^" m8 _+ R+ o, D" @- L
* [& ]7 I3 A$ {Gourmet and Company has the following information:) `4 l7 d n9 H4 b4 K1 A# e$ ^5 a* M' s9 W
Current market value = $250 million8 v9 v8 ~8 u; Q! s4 M# ~8 }/ }6 T8 Z
Current book value = $225 million+ f( ? s/ U( o& U
Sales = $750 million
/ ~1 V6 V6 k3 y f/ oEarnings = $75 million
* T, M) @8 v7 w9 K' z9 O8 dCash flow = $125 million
6 k8 e# C: U! P5 `% m; B$ uStock price = $7.50
2 d- B/ B1 D0 [; L$ _% _1 N9 pWhich of the following statements regarding Gourmet and Company is most accurate?
% Y" C# J1 x. k* n. H8 eA) The price/book ratio is 0.90.' g u3 n$ j( M" j
B) The price/cash flow ratio is 0.50.1 b3 Y! k( D) H. C- L& _) @
C) The price/sales ratio is 0.33.
; G) t+ t/ a! p) }D) The price to earnings (P/E) ratio is 33.3.5 ^* N2 |. {' G4 t- f, ]
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答案和详解如下：
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& ^6 \5 t2 D4 u$ S8 Y* c1 LQuestion 97
) ? W% R+ ], {8 B9 O7 S1 h6 RAn inverse floater is least accurately described as a floating-rate issue:
: U. s0 \0 i5 S. X- YA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.! x7 E( L. t6 a* X: K$ I
B) that may, under certain circumstances, require the bondholder to make payments to the issuer.
; o: Z [9 B' [; AC) whose coupon is determined by subtracting a reference rate from some stated maximum rate.
- I# I' ]( N% k6 a3 x8 VD) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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8 p0 ^/ J/ ]' [答案和详解如下：, t0 V4 C( _9 n! R
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5 t& ?8 r* \' k/ M: c6 LQuestion 98
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! w J6 v- b4 ?- R# SWhich of the following statements about embedded call options is most accurate?
! F7 p& F2 X8 Q; ?$ I2 rA) The call price acts as a floor on the value of a callable bond.
% _6 R/ ]" O- u" F$ bB) The value of a callable bond is equal to the value of the straight bond component plus the value of the embedded call option.
/ C# o% V5 ?7 B& P! C( JC) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond." z4 L8 N2 b% H) o; {) _
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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( d- T% [& J- }# a答案和详解如下：
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* W) T# D' Z1 g+ Y# P/ SQuestion 99* V8 \! Q, t# N& \9 Y, e& q0 Y p
; p" s3 y c% Y* D; @A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
- M* N. a9 [0 JA) 6.5%.
0 k& B' i4 S0 r+ y6 l: OB) 7.4%.
: Q- _- s+ P. G4 r6 X; zC) 8.6%.
3 K2 I; I6 q2 j# yD) 8.0%. G2 ]& k* w( m- G
! V/ f: K$ e$ f1 u) `9 @ q答案和详解如下：
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Question 1007 P( c& J9 Y5 e
7 T( g: y8 {2 s9 ^! x) v4 T) \% pAll other things being equal, which of the following bonds has the greatest duration?
8 l8 o* e+ l* u* l, T6 Z$ N: ]) ]A) 5-year, 8% coupon bond.4 ^- L3 I- W. l7 k8 S2 v
B) 15-year, 12% coupon bond.$ O6 ` b) Q" J
C) 5-year, 12% coupon bond.
. e3 [! w; M- {9 ^/ c1 D: G, F$ dD) 15-year, 8% coupon bond.; u' @1 Q% Z. `* n$ z4 Q% C
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答案和详解如下：' ?5 m5 W; W$ J O
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发表于 2015-7-21 08:59:22
