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Question 96
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2 @1 j$ H: O5 ^; o/ |Gourmet and Company has the following information:. ^% `& }6 j$ R- y4 J
Current market value = $250 million% u' V1 ~3 ]( v O: O
Current book value = $225 million
9 c3 }0 ~8 G' XSales = $750 million
. H# m: {) R( K4 [4 U$ C( bEarnings = $75 million
' [" Y7 H! p" p& ~, \Cash flow = $125 million1 ?1 d# \3 \$ F0 ^. B. r+ P
Stock price = $7.503 }' u) `3 k4 S/ a& s
Which of the following statements regarding Gourmet and Company is most accurate?! g- P" h" A, @3 G/ p# J
A) The price/book ratio is 0.90.6 G& r O: S! t+ |4 o$ r! v
B) The price/cash flow ratio is 0.50.
/ I$ F% }; F# H7 [% j# SC) The price/sales ratio is 0.33.
0 {# |9 p1 l& [) G" {1 r* l* F GD) The price to earnings (P/E) ratio is 33.3.% C$ _/ l; A+ h2 m9 Y
7 L0 c. |1 [( g; b+ f& N& }答案和详解如下：
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4 \' _, C2 {) R m! `% \1 {Question 97
+ W# n) ]9 H: o( C( N0 ~; B6 f* [An inverse floater is least accurately described as a floating-rate issue:
# O) g7 m5 B/ h1 LA) whose coupon rate will increase as market rates decrease and decrease as market rates increase.
( v D, x; s2 P; |5 D; aB) that may, under certain circumstances, require the bondholder to make payments to the issuer.3 h2 x4 _& ]: @( i6 T: `
C) whose coupon is determined by subtracting a reference rate from some stated maximum rate., M" u, K( E$ k- c8 D3 i Y+ [
D) that has an implicit cap on the maximum coupon rate and typically includes a floor on the minimum coupon rate.
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答案和详解如下：4 G! X6 F' M% {, @
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$ i+ V5 c# d# X3 ^Question 98
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Which of the following statements about embedded call options is most accurate?' m+ W/ q, i5 T4 r
A) The call price acts as a floor on the value of a callable bond.- x% v3 Y8 O, J; C3 x0 K( ]& Q' Z
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.5 }. U- e% S( a, Q' ^
C) When yields rise, the value of a callable bond may not fall as much as a similar, straight bond.
* @8 O }! I: M$ AD) 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：
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: i& _0 j3 G% O9 F- I( v5 k; zQuestion 99' V }4 n9 a4 I# q
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A 1-year, 7%, semiannual coupon bond has a price of $985. If the 6-month T-bill rate is 5%, the one-year annualized theoretical spot rate is closest to:
7 z/ h, Z% W0 F0 ?9 b+ n' v# X( K* KA) 6.5%.% V3 G1 r! U' e6 a' c7 U6 l4 A
B) 7.4%.# R. n$ o v4 F! J0 h. ~
C) 8.6%.
; S: n6 V, B& @8 d& D0 B* ID) 8.0%.. T+ |4 K5 q" N4 ~% l
1 N5 @( X4 e! W+ {, d答案和详解如下：
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2 S7 ?& D, e L$ ^; {Question 1003 z; G0 o; M P! J5 m2 y/ {: k l
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All other things being equal, which of the following bonds has the greatest duration?
- D7 h! f% }) f. O! j2 e- eA) 5-year, 8% coupon bond.1 e: D6 M( _, V3 W( G: \
B) 15-year, 12% coupon bond., B H- K1 l% H4 q6 H J. M8 b8 a
C) 5-year, 12% coupon bond.
! S! S6 J- j& y6 PD) 15-year, 8% coupon bond.! Y; o6 k0 ~5 l I6 ]( I
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答案和详解如下：. j' L' `) L/ {( X: \ i! _
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发表于 2015-7-21 08:59:22
